March 20, 2020

Dear Friends,

I have never been prouder to be part of this team as they have worked day in and day out to support small business owners in our region impacted by COVID-19. And, I continue to be encouraged by so many of you—our community partners, funders, and allies—as we work closely together during this very challenging time. Thank you. I have deep appreciation and gratitude for each of you.

The Last Two Weeks

As is likely true for most of us, the last two weeks have been a whirlwind. Recognizing that small businesses throughout the region would need immediate support, we stepped up to the plate immediately to make emergency bridge loans up to $10,000 as a quick cash infusion. In just a few days we received over a hundred applications. Our dedicated staff worked non-stop to keep these applications moving and get money into the hands of our business owners as quickly as possible.  As the details of an expanding list of funding programs from the SBA becomes available, we are continually reassessing how best to serve our clients’ needs moving forward.

We have also been trying to disseminate information about the various SBA resources which evolve daily. A big thank you to both the Business Council of Westchester, SCORE, and The Westchester County Association for the opportunity to share information with their membership about our loans and those offered by the SBA. Finally, we have also been reporting what we are seeing on the ground to our industry trade associations, New York State, the Federal Reserve, and others so that their policy decisions are informed by the reality of what our clients are experiencing.

We remain committed to small businesses and to the economic health of our communities in Westchester and the Hudson Valley. We seek to do all we can right now to provide recommendations for the best path forward. Again, thank you for being part of our community. We are in this together—and we will get through this, together.

If we can do anything to support you, please let me know.

With Gratitude & Hope,

Kim Jacobs