Executive Director's Message
Pandemic challenges but RIHEBC continues to fulfill its mission
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We were on a regular schedule of quarterly newsletters through the end of 2019. 2020 had something to say about that. If a global pandemic isn’t the best “dog ate my homework” excuse, I don’t know what is.
So that’s my excuse to explain why you haven’t seen a March 31 issue, and why I am late with this June 30th issue. I don’t need to rehash what’s been happening to us and all around us. You know it, I know it. But maybe you’d be interested to know that we here at RIHEBC have tried to roll with the cornonavirus punches.
- Staying at home. Previously, we faithfully commuted to the office every day. We had face-to-face conversations about this project or that bond issue, and about weekends and kids and vacations. “Working remotely” or “at home” was a concept for entrepreneurs and big data companies. But by March 16th it became apparent that we needed to figure out how to do our jobs from home. I am happy to report we succeeded. We still face challenges but we are pleased to be continuing our operations and serving our borrowers at an unprecedented moment in time.
- Board meetings. Thanks to an executive order, RIHEBC’s board meetings (and all state public meetings) could be held “virtually.” April 15th was our first ever board meeting held exclusively via conference call. People unmuted with dogs barking, babies crying and emphatic keyboarding could not stop RIHEBC from getting business done. The May and June meetings also were held this way. In July, we upgraded to a Zoom board meeting, though the jury is still out on whether that was, in fact, an upgrade.
As a side note, I miss the in-person meetings. I fondly remember the faces and the discussions and the smiles and laughter from around the table and around the peanut gallery, as I like to call it.
- How could RIHEBC help? At our conference call meetings, there was a lot of discussion about what, if anything, RIHEBC could do to help our constituents during this crisis. At a special meeting on March 31st the RIHEBC Board accepted my recommendation to adopt a COVID emergency loan program for our existing borrowers. The board-approved program dedicated RIHEBC resources to make emergency loans to borrowers unable to pay their debt service. The program has been accessed by one organization and is still in place for those who may need it in the future. Please keep reading for more information.
- What else? While not necessarily coronavirus related, this next bit of news may be of interest as a potential tool to respond to our now-changing world. We are bringing back equipment financing through RIHEBC for our 501(c)(3) clients, and just maybe your response to the pandemic has necessitated new capital equipment needs. Please keep reading for more information.
My heartfelt wishes that you and your families are staying safe and still finding happiness and joy in our brave new world. And here’s hoping we see each other again soon, and words like “social distancing” quickly become a DISTANT memory.
- Kim Mooers
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We hope to help our borrowers who are struggling financially during these unprecedented times. The RIHEBC Board of Directors has authorized an initial Emergency Loan Program. Subject to the availability of funds, and if your application is accepted and approved, RIHEBC will loan you funds to be used for debt service payments on your existing RIHEBC bonds. The amount and the repayment terms will be determined based upon RIHEBC’s assessment of your specific situation and subject to certain limitations of the Emergency Loan Program.
Please
click here for more specific terms, conditions, limitations. If you wish to apply for a RIHEBC Emergency Loan, please
click here for the application which may be submitted electronically as instructed therein.
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Equipment Financing Program
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At RIHEBC we’ve traditionally financed mid-sized to large building projects, but after talking with our borrowers, we realized there was a gap for the economical financing of capital equipment purchases. That’s why we’re excited to roll out the Equipment Financing Program to assist eligible borrowers finance the purchase of capital equipment such as computer systems, medical equipment, classroom technology, and vehicle fleets.
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Through partnerships with a variety of local and regional lending institutions, the program will allow for the financing of purchases as small as $1,500,000, with market interest rates, low fees, a one stop approval process, and loan terms typically 10-years or less.
Please contact Kim Mooers, RIHEBC Executive Director, for more information and an application (
kmooers@rihebc.com; 401-831-3770 x107)
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Year To Date 2020 Bond Issues
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6/1/2020 – Portsmouth Abbey School, Series 2020A, B, C, D: $17,990,000 – Refinance all outstanding debt and fund campus improvements.
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6/2/2020 – Town of Lincoln, Series 2020B: $57,450,000 – Finance renovations and improvements to Lincoln High School and other school facilities.
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4/30/2020 – Town of South Kingstown, Series 2020A: $3,875,000 – Finance health and safety improvements to various school facilities.
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