An Update to Our Clients

Dear Valued Client:

Due to the market disruption caused by the COVID-19 virus, many stores are postponing, rejecting and even canceling orders, while others are delaying payment on existing receivables. We understand that these issues will cause cash flow problems for many of our clients.

We are here to help you where possible, but many businesses will need additional capital to make it through the next few months. We strongly encourage affected business owners to make short term loans to their businesses to cover these immediate cash needs.

There are also federal, state and local public resources available:

• The Small Business Administration offers consulting and loan programs to help small businesses: https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources

• For NYC based businesses, NYC Small Business Services offer programs that include interest free loans and grants to help small businesses cover payroll and other necessary expenses: https://www1.nyc.gov/site/sbs/businesses/covid19-business-outreach.page

• For assistance outside of New York, please check with your state and local agencies as well as local SBA offices (listed at the bottom of the SBA website provided)

We encourage you to research all your options, reach out to your account officer to discuss any issues you are facing and let us know how we can help you during these challenging times.

Update as of 3/24/2020: As a reminder no client is allowed to grant any additional payment terms to any customer without the prior written authorization of the respective Re-factor.