Business Financial Relief Products
During financial hard times, CMCU is here to help provide some relief to business members.
During this uncertain time, CMCU understands that nearly everyone’s life has been disrupted as a result of the COVID-19 outbreak. We understand that many business members are facing unprecedented challenges and CMCU is working hard to provide relief.
CMCU is happy to announce the following financial relief options now available.
2-Month Skip-A-Pay for Businesses
This is a loan deferment program for loans already at CMCU. Business members are allowed to defer 2 consecutive monthly loan payments.
- For members of CMCU with current loans paid monthly
- Loan payment is deferred for 2 consecutive months between April and September 2020
- No fees!
- Interest will continue to accrue during skipped months
- Does not apply to new loans or to be used for refinancing loans
- Please view the Amendment to Installment Loan Agreement when applying
*Membership qualification as of March 18, 2020 required. If you have loans with non-monthly payments (quarterly, semi-annual, annual or custom) and may need a deferral, please contact your CBO/CBA to discuss a payment modification options. Other restrictions may apply. Ask for details.
SBA's Economic Injury Disaster Loan Program (EIDL)
The loans are designed to assist businesses who suffered working capital losses due to the coronavirus pandemic. Proceeds can assist with making fixed debt payments, payroll, accounts payable, lease payments, insurance etc.
Applications for the loans are made directly to SBA, not CMCU. Loan payments are also made directly to SBA. Learn more about the program by clicking here.
- $2,000,000 Maximum Loan Amount (Including affiliate entities)
- 3.75% APR (Non-Profit: 2.75% APR)
- Up to 30 year term - based on individual credit approval
- No payments for the first 11 months
- No collateral required for loans of $25,000 or less
CMCU is working on additional financial relief programs for businesses. As programs are developed, we will update this page.
To view the latest CMCU Coronavirus (COVID-19) updates from CMCU, please click here.