Special Business Loan Programs to Support Business Members in Need Due to COVID-19
Updated April 16, 2020
We care about our members, businesses and the communities we serve. That's why we're here to help. We have options for payment deferrals and access to Federal Government Disaster Assistance Programs for small businesses. We will all get through this together!
Note, we too are impacted by the shelter-at-home warning and are working with fewer team members. We will process requests as quickly as possible. Thank you for your patience!
Business Vehicle and Term Loan Payment Deferrals
SBA: Economic Injury Disaster Loans
Economic Injury Disaster Loans (EIDL) were included in the CARES Act passed by Congress on March 27, 2020. The loans through the Small Business Administration (SBA) will provide working capital loans to help small businesses of all sizes to meet their ordinary and necessary financial obligations that can’t be met as a direct result of this Coronavirus disaster. To apply for the loan, start the process at the SBA’s COVID-19 Relief site.
If you have questions, you may consult with representatives from the SBDC at the Cal Poly Center of Innovation (Small Business Development Center).
SBA: Paycheck Protection Program
SESLOC has been approved to be a SBA lender for PPP loans for our Business members. At this time, we are no longer accepting applications or inquiries for a wait list.
The following Business loans are eligible for payment deferral:
- Vehicle loan
- Term loan
Eligible loans must be:
- No more than 30 days past due at the time of the request
- Not under bankruptcy protection
To request a payment deferral, complete a Business Loan Assistance Payment Deferment Request and Agreement*
- Enter full name and email address.
- A secured Business Loan Assistance Payment Deferment Request and Agreement will be sent to the email provided by you via DocuSign.
- Please have your Business Member Number and Loan ID available to complete the request (can be found on your monthly statement).
- You may request up to two months payments be deferred at a time.
- All signers and guarantors on the loan must complete this form.
Just like many other organizations impacted by COVID-19, we too are impacted by the shelter-at-home warning and are working with fewer team members. Due to the large number of requests, please allow 10 business days for processing. Please avoid calling, if possible, to allow us to allocate team members to process your request.
- Once your payment deferral request is processed, you will be able to see the updated next “Payment Due Date” on your loan account in online banking
Once your payment has been deferred, please stop your automatic payment to the loan:
- If you set up your automatic payment using online banking, please log in to Online Banking and cancel automatic payments for the months being deferred.
- If you set up your automatic payment from another financial institution, please contact them to stop the automatic payment.
- If we’ve set up your automatic payment from a SESLOC account we will stop the automatic payment and reverse the payment to your SESLOC deposit account as necessary.
- You will need to reinstate automatic payments after the end of the deferral period, if you wish for automatic payments to continue in the future.
*All Vehicle and Term loan payment deferral requests are subject to SESLOC Federal Credit Union approval. Conditions and restriction apply. Terms subject to change without notice.