This message was shared with the Packard Foundation’s Mission Investing partners on March 20, 2020.

To Our Mission Investing Partners,

The rapid spread of COVID-19 has created a global health and economic crisis that is testing every one of us. We know that the shocks of this temporary “new normal” are severe and unanticipated for our Foundation partners. During this unprecedented time, the Packard Foundation’s primary focus is to accommodate, as best we can, the unique demands shouldered by our partners. Please see a note about this grantmaking response from our interim CEO Craig Neyman.

Our Mission Investing program recognizes the critical need to support our borrowers and investees as well as the people and communities hit hardest by the impacts of COVID-19, while still maintaining the integrity of our Mission Investing program and our ability to continue to meet compelling needs over the long term.

To respond to and balance these needs, we are implementing the following policy changes to accommodate, as best as we can, the unique demands faced by our borrowers, investees, and other partners during this time.

For current Mission Investing borrowers/investees: 

• We are automatically and immediately waiving all interest payments on our direct loans during the six-month period from March 1 through August 31, 2020. There will be no interest accrued or due during this six-month period. Interest accrual resumes on September 1, 2020. Interest payments will resume on next scheduled payment date after September 1, 2020. Our Mission Investing team will be in touch to convey updated amortization schedules.
• We will automatically give a four-month extension on all reports due between February 28 and June 30, 2020.
• We will consider hardship requests for waivers or other changes on a case-by-case basis. We seek to be flexible and understanding during these difficult times, while also working with our borrowers and investees to create a plan that ensures full loan or investment repayment.

For potential new Mission Investing borrowers/investees:

• Our Foundation is responding proactively to the current COVID-19 pandemic through expanded grantmaking as the primary and most appropriate tool to address these unprecedented needs.
• We are open to considering proposals to use loan or investment capital to address needs brought about during the current pandemic in cases where the resulting loan or investment is financially sound (in terms of strong confidence of full repayment) and conforms with the Foundation’s current Mission Investing financial underwriting policies. In order to preserve the scale of our grantmaking, we are not able to change or loosen our financial underwriting and risk guidelines for new Mission Investing requests.
• Requests for emergency capital to fulfill short-term financial needs brought on by the pandemic will primarily be addressed through our targeted COVID-19 grantmaking as the most appropriate tool for addressing emergency and crisis financial needs.

We greatly value our partnership and look forward to working together through this difficult time. Please do not hesitate to reach out to any of us on the Mission Investing team if you have any questions or would like to discuss.