The Change Reaction has approved its second zero-interest fund to a local small business. This time, the recipient is BendTECH, a shared working space for tech workers.
The loan is part of a program called the Bend Small Business Relief Fund. This fund, supported by individual donors, provides zero-interest loans to Bend-area Main Street-type businesses negatively impacted by COVID-19. The loans are interest-free and available to businesses with fewer than 15 employees and less than $1 million in annual income. All loan repayments will be paid forward as loans to additional Bend small businesses.
BendTECH (bendtech.com) is a 501(c)3 nonprofit organization dedicated to the promotion and support of business professionals in Bend. At its core, BendTECH is a coworking space, but also so much more. The organization strives to create opportunities for members of Bend’s vibrant startup community to connect through hackathons, regular mini-pitchfests, resource fairs and its annual unConference. BendTECH also offers the Startup Founders Office, which is an office inside BendTECH coworking reserved for early-stage startups. It awards the space to selected founders, in six-month rotations, providing the free space along with a program of support and guidance from investors, finance and marketing professionals and industry-specific experts.
“The Change Reaction has been a delightful organization to work with. We’re truly appreciative of their efforts and the additional options and flexibility The Change Reaction loan affords our nonprofit as we navigate the rapidly changing business climate due to COVID,” said Jason Wiener, president of BendTECH.
Launched in Los Angeles in 2019, The Change Reaction has provided more than 2,000 direct grants through 35 grass-roots organizations and hospitals, creating a movement that is being replicated in communities around the country.
The Change Reaction is a new philosophy in philanthropy that directly connects wealthy people in communities around the nation to hard-working people and businesses that are facing financial hardships in their own backyards. “My wife and I have decided to substantially increase our philanthropy during this crisis and personally take on the City of Los Angeles, because if not now, when?,” said Greg Perlman, founder of The Change Reaction.
Bend Small Business Relief Fund Guidelines and Application
Loans range from $5,000-$25,000 and, after a grace period of three months, loans are repayable in equal installments over the course of 24 to 36 months. To qualify, businesses must have normal annual revenues $1M or less and 15 or fewer employees. Eligible businesses will be required to submit:
- Proof of 12-months rent paid on time through March 2020
- Proof of submission of the COVID-19 Economic Injury Disaster Loan Application
The Bend Small Business Loan application can be found here: forms.gle.
For additional information, or if you would like to donate to Bend Businesses in need, please email Tommy Waldron at: ChangeReactionBend@ffah.org.
