FSSI to Extend COVID-19 Business Rehabilitation Loan to Social Enterprise Partners
The Foundation for a Sustainable Society, Inc. (FSSI) is extending a business rehabilitation loan to social enterprise (SE) partners affected by COVID-19 and the ensuing community quarantines.
The loan with discounted interest rates is one of the identified needs of partner SEs to help them recover from the effects of the quarantines on their business and cope with new or additional business requirements through access to financial services.
The Business Rehabilitation Loan will cater to current partner SEs of FSSI significantly affected by COVID-19 and the community quarantines, including those which have suffered a 20% or more decline in their revenue or income in the past months and in their projected revenue or income for 2020 and 2021.
The loans may be used for working capital or fixed asset acquisition, and priority will be given to SEs providing essential goods and services, such as those in food production and distribution.
With the travel limitations being imposed under community quarantines, FSSI is making adjustments in its operations by tapping local coordinators to ensure processing and approval of loan applications are unhampered. FSSI is also working with member networks to continue to provide development and technical assistance to SE partners.
In March, FSSI announced extension of due dates for all loan payments during the quarantine period.