April 7, 2020

ICYMI: Meyer Memorial Trust announces relief efforts for small business

Meyer Memorial Trust Chief Investment Officer Rukaiyah Adams. Photo credit: Portland Business Journal

As we continue to adapt to the changing landscape of business brought on by the novel coronavirus COVID-19, we want to reiterate to our partners that: We're with you for the long haul.

In March, Meyer Memorial Trust announced a decision to offer community lending partners 12-month forbearance on loan payments and extend the same terms on loans to borrowers in response to the pandemic.

Portland Business Journal wrote about Meyer’s response earlier this month:

Meyer Memorial is one of Oregon's largest foundations. Among other philanthropic activities, it loans money to nonprofits that use the cash to extend credit to small businesses.

This week, the foundation said Portland-based MESO and Springfield-based Community LendingWorks, two such partners, do not need to make any interest or principal payments for a year. In return, the foundation wants MESO and Community LendingWorks to extend the same terms to their borrowers.

Meyer will continue to reach out to our regional investment partners to better understand their needs. We will get through this together.

(P.S. You can read the entire PBJ piece here.)