The Change Reaction’s Small Business Angel Fund, stewarded by Jewish Family Service, swoops in to help Park City businesses survive COVID-19
Park City-based small business owners now have a guardian angel to help their enterprises survive the COVID-19 shutdown.
The Change Reaction, a nonprofit founded by philanthropists and part-time Parkites Greg and Jodi Perlman, has launched the Small Business Angel Fund, which will be administered by the Jewish Family Service.
The funds will provide interest-free loans ranging from $5,000 to $25,000 to eligible local businesses, said Ellen Silver, Jewish Family Service executive director.
To be eligible, businesses must be located in Park City and submit proof of 12 months on-time rent payments through March 2020, Silver said.
“We’ll work with each business owner to make payment arrangements,” she said. “Loan repayment terms will be tailored to the borrower’s ability to repay, and when people pay back their loans, the money is added to the fund to help others.”
Applications will also be accepted from sole proprietors who are dependent upon the income generated by their business and need support to meet their basic needs until they are able to open up again, Silver said.
In addition to the loan, the businesses will receive ongoing support, including assistance restructuring lease obligations, credit assessments, and a review of operational plans, she said.
The Perlmans, who have set up funds around the country to help small business owners, reached out to Jewish Family Service a few weeks ago, according to Silver.
“Through the Change Reaction, they set up programs with Jewish Free Loan organizations in Los Angeles and New York City,” she said. “Since they have a second home here in Park City, their hearts are here and they wanted to make sure they could help local business owners here. So they reached out to Jewish Family Service, because we have an interest-free loan program that we’ve been providing individuals.”
“What we’re trying to do here is provide a simple, streamlined process to help local small businesses in need in a town we love dearly,” said Greg Perlman. “We all have a role to play in supporting the most vulnerable during this crisis. My wife and I have decided to substantially increase our philanthropy during this crisis because if not now, when?”
Silver is thrilled to work with the Perlmans with the Angel Fund, which falls into Jewish Family Service’s mission to be a care-management resource for the Park City area.
“JFS has provided mental health and safety-net services in Park City, and this is an exciting new way for us to assist our community,” she said. “These small-business owners are so important to our economy. We hope the loans will help them stay open or reopen. We’re honored to be asked to steward this fund.”
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