Coronaviruses Business Support
Together Credit Union, an U.S. Small Business Administration (SBA) preferred lender, has assisted 530+ new and current business members with Paycheck Protection Program (PPP) loan applications throughout the pandemic. The credit union’s average loan size of Round 1 and Round 2 PPP funding is $28,943.00, and more than 31% of the PPP loans awarded by the credit union went to minority or women-owned businesses.
On May 5, 2021, the Small Business Administration announced it has exhausted its funds and will no longer accept new applications from non-CDFI lenders as a result. The SBA will continue funding outstanding approved PPP applications. For Together Credit Union PPP applicants with an SBA loan number, your loan will still be funded. For PPP applicants without an SBA loan number, funding will not be approved.
Moving forward, Together Credit Union will continue to advocate for COVID-19 relief options with lawmakers to help strengthen our business members. For questions, please contact your Business Loan Officer. For business members experiencing financial struggles due to the COVID-19 pandemic, Together Credit Union offers the following in-house relief options.
Loans in good standing may defer payments up to three months with no interest charge (interest will continue to accrue).
We may be able to refinance or restructure your current business loan at the same rate for an extended term.
Commercial real estate loans
Make interest-only payments for up to six months without significantly modifying your loan.
Business line of credit
Interest-only payments on the balance borrowed. Draw from your line of credit as needed and repay the balance over time.