Partner in Business Continuity Program Issues Commitment
LENO Chief: ‘We will help business get through this’
The founder and CEO of a leading broad-based financial services firm has pledged “100% commitment” to government’s lending program, created to assist businesses survive the economic impact of coronavirus.
Sean K. Longley, CEO of Leno Group, one of a select few companies chosen to partner with government in the $20 million Business Continuity Program, said staff members volunteered to work as many hours – even with working remotely – as it takes to process loan applications.
“We had a robust number of applications for funds during the first 24 hours after the program was officially launched this week,” Longley said. “The funds that are available can serve as a lifeline to businesses which must remain closed and shuttered as a result of orders aimed at stopping the spread of COVID-19. LENO is honoured to be among those selected to screen applications and participate in this initiative and we want to assure those who are considering applying that we will handle their loan applications with discretion, efficiency and speed. We also want to encourage them to apply quickly.”
Government unveiled the lending program on March 24 to be administered by the Access Accelerator Small Business Development Centre in an attempt to lessen the hardship being felt by small and mid-size businesses. Loans of up to $300,000 are available for businesses which have been in operation for more than one year with fewer than 50 employees. Interest rate is 5% and loans must be repaid in five years with the first four months’ payments deferred.
It was just six weeks ago that Leno broke ground on a $25 million hilltop office complex on Collins Avenue. The fast-growing company with corporate services, trust, asset administration, and real estate divisions, will occupy one floor of the 5-storey contemporary glass and steel building with views of Nassau harbour and beyond.
“Whatever happens going forward, we know that the important message we want to get across is this – just as we have supported so many community efforts from swimming to Junkanoo to basketball teams, Leno will support small to midsize businesses which make up the backbone of our economy to the very best of our ability. We are all in this together and together, we will emerge strong and united.”
Founded just under a decade ago, Leno now manages assets of more than $800 million.