Redstone Federal Credit Union announces financial help for members, small businesses

Coronavirus

HUNTSVILLE, Ala. – In a news release, Redstone Federal Credit Union announced additional financial assistance to members, including small business members, who have been impacted by COVID-19.

In addition, funds provided by Redstone to the North Alabama Revolving Loan Fund, a nonprofit subsidiary of Neighborhood Concepts Inc., will provide emergency loans to small businesses to help them survive the economic downturn caused by the coronavirus.

Financial Help Available to Individual Members:

  • Payment deferrals
  • Fee waivers, and other assistance for auto and signature loans on an individual basis
  • Emergency loans, such as the Payday Loan Alternative or the Stretch and Save Loan
  • Skip-A-Pay on auto and signature current loans
  • Suspending automobile repossessions or mortgage foreclosures through April 30, 2020
  • Waivers on all early withdrawal penalties on share certificates and money market account through April 30, 2020
  • Members who have difficulty paying their mortgage may be eligible for interest-only payments or loan modifications.

“We understand that these are unprecedented times for us. However, we want our members and our communities to know that we are here for them, ’’ said Joe Newberry, Redstone’s President, and CEO. “At Redstone, we are committed to doing everything we can to support our members affected by the coronavirus and helping them get back on their feet,’’ he said.

Financial Help Available for Small Businesses:

  • Redstone is offering loan modifications, payment deferments, and other resources for applying for the U.S. Small Business Administration’s Economic Injury Disaster Loan (EIDL).
  • Redstone provided funds to assist the non-profit in offering emergency loans up to $25,000 to small businesses.
  • Business owners may apply online at neighborhoodconcepts.org

Redstone closed its branch lobbies, except by appointment. Members are asked to use online or mobile banking, live chat, ITMs, ATMs, or the call center.

Visit Redstone’s website at redfcu.org/COVID-19 for details on how to make in-branch appointments and the latest updates.

Members are asked to contact Redstone at 800-234-1234 to discuss their specific issues.

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