LISC RI: A Message to Our Borrowers, Partners and LISC Community
The well-being of the LISC community is one of our highest priorities. LISC is taking action to ensure that we can continue to support the people and places where we work -- to that end, LISC has implemented new lending provisions. Please reach out to us to discuss any issues your project or business is facing.
· LISC will waive late loan payment penalty fees for up to 60 days through 9/30/20 for borrowers that are experiencing business disruption.
· Loan origination periods may be extended by up to 60 days for construction projects that experience delays.
· Good Faith deposits, received in the most recent 60 days, will be refunded to any borrower who, after consideration of the current environment, has decided not to move forward with their project.
In addition, we also will offer short-term bridge loans to approved government subsidies until 9/30/20 for borrowers awarded Federal, State or Local Government business disruption support, subject to LISC's standard terms and conditions; LISC's customary Good Faith Deposit of $5,000 will be waived for existing borrowers.
Courtesy of LISC Rhode Island