HUNTSVILLE, Ala. - Small businesses dealing with a serious downturn because of the pandemic have a few financial options for help.
Redstone Federal Credit Union announced today how it's making it more convenient to get that help.
Is your small business taking a hit?
Even though many branch lobbies are closed, members can work with credit union staff online, by phone or in the drive-thru to apply for emergency lines of credit of up to $25,000 dollars.
"There's a lot of small businesses that are hurting right now," said Redstone Federal Credit Union CEO Joe Newberry. "There's also some of our members that been temporarily laid off or maybe let go. We are credit union about people helping people and that's why it's important for us to have alternatives for them during this temporary crisis."
General members impacted by COVID-19 can get help too. The credit union said it will work with members to waive fees, make modifications to mortgages and defer payments on things like car loans. All you have to do is schedule an appointment with financial service representative.
Click this link redfcu.org/COVID-19 for details on how to make in-branch appointments.
Check Out What Redstone Federal Credit Union is Offering its 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 accounts through April 30, 2020
- Members who have difficulty paying their mortgage may be eligible for interest-only payments or loan modifications.