About the Community Hardship Assistance Loan
The spread of COVID-19 (coronavirus) has made it so many businesses have had no choice but to close. Now, many people are forced to live without pay. As a community bank, we want to do our part to help aid individuals and families in our communities. So, we created the Community Hardship Assistance Loan to help those who are unable to work because of the pandemic.
- Borrow up to $2,500
- Up to three (3) months no principal and interest payments.
- Beginning in the fourth month, monthly principal and interest payments will commence.
- One loan per household. Standard application utilization.
- Applicants must reside in our market area
More details about the Loan:
- Maximum term and amortization for repayment is 45 months. Maximum total term is 48 months (including no payment period). No balloon payments.
- Annual Percentage Rate 4.99%*
- Loans will be unsecured, no prepayment penalty.
- Proceeds can be used for rent, utilities, living expenses. Not to be used to pay credit cards and other creditors (public and private).
- Proceeds for items such as rent, utilities, etc. should be disbursed directly by the bank to the creditor.
- Borrower must have been employed continuously for the preceding 12 months and has presently been laid off or hours reduced by 20% or more (must be verifiable).
- Proceeds cannot be borrowed for use by a third party.
*Payment example: a $2,500 Community Hardship Assistance Loan for a term of 48 months with a 4.99% APR and a 45 month repayment period, will consist of one (1) payment of $93.60 followed by 44 payments of $61.80.