According to a recent article published on Forbes.com, “Navigating the effects of COVID-19, for many small business owners, has already meant tapping into personal savings and 401(k)s.” The article also notes the impacts felt by employees, “Unfortunately, too many businesses have already had significant layoffs or shut their doors.”
Some prominent examples of those feeling this unexpected financial pinch include those who have been laid off without pay, needed to quit their job due to childcare needs and those facing the cost of additional or new care.
While the Small Business Administration has begun offering low‑interest business economic injury disaster loans, a bank and a credit union with branches in Ferndale have also announced relief programs available locally for both qualified businesses and individuals.
Whatcom Educational Credit Union (WECU) announced 2 new loan programs for those impacted by the effects of the COVID-19 pandemic.
WECU’s new consumer loan program offers personal loans up to $5,000 with an interest rate of 3.90% for up to 24 months and with no payments required within the first 90 days.
WECU’s new business loan program offers business lines of credit up to $50,000 with no payments due within the first 90 days and 0%-interest-rate savings-secured lines of credit are available up to $100,000 for 12 months. Customers with current WECU business loans can defer their payments for up to 90 days and those with non-residential consumer loans can skip a payment without the $15 “skip-a-pay” fee.
Standard rates for personal loans range from 4.99% to 19.99% according to the WECU website. More information about the programs and how to apply is available online by clicking here or by calling WECU at 360-676-1168.
Washington Federal Bank announced 90-day interest-free 5-year business lines of credit. “[Businesses] who have seen a 10% or greater drop in revenues can apply to receive up to $200,000 on business lines of credit with 90 days interest-free,” according to the company’s website. They are expediting the process for lines up to $30,000. Click here for more information and to apply or send an email to Business.Lifeline@wafd.com.