WSECU understands the challenges many small businesses and commercial real estate owners are facing right now, and we’re providing options to help.
Small business payment relief options
Skip-a-Pay — We’re working hard to make this benefit, which enables you to skip your next payment, available as soon as possible through our automated system. Until then, you can contact our small business team to get started.
Small Business Emergency Loan — We’ve created a special loan* to help our small business members with their financial needs.
- 6% fixed APR
- Loans up to $10,000
- Repayment terms up to 36 months
- 90 days before first payment is due
*Annual percentage rate. Must be an existing WSECU member as of Feb. 1, 2020. Loan amount based on maximum gross monthly income. Standard underwriting rules and conditions apply.
SBA Paycheck Protection Program
WSECU has been approved by the Small Business Administration (SBA) to be a Paycheck Protection Program (PPP) lender. After a brief pause, we are now accepting applications again.
- WSECU members who opened business accounts with us prior to Feb. 15, 2020 are eligible to apply.
- Applications are being accepted and reviewed on a first-come, first-served basis through June 30, 2020.
- We cannot guarantee federal funding will continue to be available, and we cannot guarantee the SBA will approve all loan requests.
- As a brand-new lender to this program, we ask for your patience and understanding while we work through the process and turnaround times.
- If you need immediate funding, you may want to consider a small business emergency loan. (Note: this is different from PPP.)
Paycheck Protection Program loan overview
- Available for small businesses with fewer than 500 employees
- Need for funds must be tied to current economic conditions
- 1% fixed interest rate
- Two-year repayment term
- Six-month payment deferral
- May be eligible for loan forgiveness if certain criteria are met
- Restrictions apply. See U.S. Treasury PPP FAQs for full details and disclosures
How to apply
- Please apply through our online loan application.
- We’re reviewing applications in the order received and will send the required documents to complete along with a secure link to upload and send the completed documents to us.
Commercial real estate payment relief options
Our Commercial Loan Officers are here to work with you to find options that best meet your specific needs. Options may include**:
- Payment deferral
- Interest-only payments
- Loan modification
Please send a request to our Commercial Lending team to get started.
**For consideration of these options, members and guarantors will be required to provide current financials and answer questions explaining how they have been impacted by COVID-19. Other conditions may apply.
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