Earlier this week the Policy Committee announced several initiatives to support the Fraternity in response to the COVID-19 Crisis. On behalf of the national organizations, the officers and directors of 1847, Inc., recognize the difficulty currently faced by chapters and are pursuing several initiatives to help ease the financial burden caused by the emergency shutdown. We are happy to inform you of the Graduate Organization Loan Assistance Program to provide rapid and substantial temporary assistance to our Graduate Organizations.
Specifically: 1847, Inc., is offering to extend a loan of up to $50,000 to each Graduate Organization. Loans may be used to support the financial needs of the Graduate Organization and/or the respective chapter. The term of the loans will be two years at an interest rate of 1.00% per annum, with no payments during the first year. Full terms and conditions are described in the attached loan application form.
The program is effective immediately and will remain available through the end of 2020. The application process is non-competitive, meaning that 1847 has sufficient resources to fund a maximum loan to every graduate organization. Our intention is to assist you with the responsible financial management of your organization’s funding needs. Therefore, if you do not currently need funding or if you borrow less than $50,000, undrawn amounts may be borrowed later in the year if your needs change.
The executive committee will review loan applications on a weekly basis with a cut-off of Monday at 6.00 p.m. ET of the current week. Applications submitted after the cut-off will be reviewed during the following week.