As we continue to navigate the rapidly evolving COVID-19 (coronavirus) situation, our first thought is for the safety and well-being of all individuals and businesses impacted by these difficult circumstances. In these unprecedented times, it is important that we come together to help support those impacted.
FCCU has created relief measures for individual members and business members who are experiencing financial distress due to COVID-19.
- Deferred loan payments on existing consumer loans
- Potential modification, consolidation or refinance of loans
- Low-rate personal loans with deferred payment options
- Fee waivers for hardship situations
- Credit counselors for financial guidance
- And many other potential avenues of assistance
“As a not-for-profit credit union, situations like this speak to our mission of people helping people,” says Steve Schmitz, President/CEO. "We know the financial impact of a pandemic such as this can be extremely detrimental and we want to do our part in helping members during these challenging times."
If you or your business is affected by the COVID-19 please contact us at 1-800-850-7676 or reach out to a lender near you to find out more about assistance programs. You can find specific contact information for lenders on our lending team pages - consumer, mortgage and business.
Coronavirus Aid, Relief and Economic Security (CARES) Act
The CARES Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses. Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward. The Small Business Administration will soon release more details on the program, however, in the meantime, the U.S. Chamber of Commerce has issued this guide to help small businesses and self-employed individuals prepare to file for a loan.
When can I apply?
- Starting April 3, 2020, small businesses and sole proprietorships can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.
- Starting April 10, 2020, independent contractors and self-employed individuals can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.
- Other regulated lenders will be available to make these loans as soon as they are approved and enrolled in the program.
If your business is affected by the COVID-19 please contact us at 1-800-850-7676 or reach out to a business lender near you.
Other Business Resources
The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the COVID-19. Applicants can find out more and are encouraged to apply for a disaster loan here. There are additional resources specific to Minnesota and North Dakota Small Business Loans.
Stay up to date with the latest FCCU COVID-19 information.
*Qualifications and rules apply. Based upon approval. Contact your local lender for more information.