Redstone Federal Credit Union is offering additional financial assistance to members impacted by the COVID-19 crisis, including small business members.
Besides adjustments made by the Huntsville credit union itself, Redstone is contributing to the North Alabama Revolving Loan Fund, a nonprofit subsidiary of Neighborhood Concepts Inc., which is processing emergency loans to small businesses to help them survive the economic downturn caused by the coronavirus.
Financial adjustments by Redstone for small business members include the offer of loan modifications, payment deferments and other resources for applying for the U.S. Small Business Administration’s Economic Injury Disaster Loan (EIDL), and Redstone extended funds to the SBA to assist the agency in offering emergency loans up to $25,000 to small businesses.
Redstone has made adjustments on an individual basis for individual members, including fee waivers and other assistance for auto and signature loans and has suspended automobile repossessions or mortgage foreclosures through April 30, 2020.
Redstone also announced waivers on all early withdrawal penalties on share certificates and money market accounts through April 30, 2020. And members who have difficulty paying their mortgage may be eligible for interest-only payments or loan modifications.