Emergency Relief for Members Impacted by COVID-19
We Are Here to Help
April 4, 2020
If you’re experiencing a hardship caused by COVID-19, please know your Credit Union is here for you. For more than 85 years, we have supported our Members, in good times and challenging ones. Today is no exception.
Effective immediately, we’re offering financial relief and protection on consumer loans, credit cards, and mortgage and home equity loans you have with Schools Financial. There will be no negative impact to your credit for using these programs.
Additionally, we’re also waiving early withdrawal penalties on withdrawals you make from a share certificate before the maturity date. You may also qualify to waive overdraft and late fees.
Please scroll down for details on these programs.
Consumer Loans and Credit Cards
Mortgages and Home Equity Loans
Schools Financial is not an SBA lender and does not offer business loans.
Below is information on options available to businesses that have been impacted by COVID-19:
U.S. Small Business Administration emergency loans
Gov. Gavin Newsom officially submitted a request to the SBA for the coronavirus situation, unlocking economic injury disaster loans for businesses. After natural disasters, small businesses and private, nonprofit organizations in the areas affected are eligible to apply for loans up to $2 million. These loans help support businesses and the communities they serve by replacing lost revenue. Businesses can use the loans to pay fixed debts, payroll, accounts payable, and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%. These loans also have long-term repayment schedules, up to 30 years, to keep the payments affordable. Each loan is tailored to a business’ specific needs and financial situation.
Learn more here:
Contact the SBA disaster assistance customer service center directly at 800-659-2955 (TTY: 1-800-877-8339) or e-mail email@example.com.