Bellingham, WA (March 18, 2020) — WECU, Whatcom County’s largest community credit union, today announced it will offer helping businesses affected by the novel Coronavirus.
The loan program, aimed at lessening the economic blow of the Coronavirus, consists of loan payment deferral for up to 90 days for WECU business loans, lines of credit of up to $50,000 with first payment due in 90 days, and savings secured lines of credit of up to $100,000 with a 0% interest rate and no monthly payment required for up to 12 months.
“The options we’ve created are in step with the credit union philosophy of people helping people,” said Kent Bouma, VP of Business Banking at WECU. “We hope that this program will help our local small businesses get through this very stressful time.”
The line of credit options are available to both existing WECU members and other businesses that are interested in becoming members of WECU.
“Cash flow and cash preservation are critical right now for small businesses,” Bouma said. “We know, to weather the storm, these businesses need the flexibility that comes from these programs.”
This is the third time WECU has offered a financial relief program. The Credit Union also offered relief for government workers affected by the Federal Government shutdown in March of 2019 and for those affected by the Nooksack river flooding in February of 2020.
WECU is a full-service consumer and commercial financial partner that operates 11 branch locations and two loan centers for business and home needs. WECU is proud to serve more than 125,000 members and has nearly $1.6 billion in assets. More information on WECU Charitable Giving programs can be found at wecu.com.
Keith Mader, Program Manager PR & Content at WECU, 360-756-7694, [email protected]