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Midcoast FCU Offers Other Financial Options

April 3, 2020

At this time, Midcoast Federal Credit Union is not an SBA lender and can only refer interested parties to the SBA for guidance and programs.  However, we do have two consumer loan programs that can assist employees that are experiencing a loss or reduction of income related to the COVID-19 Pandemic and I would encourage anyone interested to reach out for more information.    As you, we are constantly monitoring the landscape to identify ways to help people in this time of need.  A couple of points that may be worth passing along to business while they await guidance and acceptance of programs:

 

  • Most lenders are offering some type of payment relief in the form of Skip-a-Pay programs, payment deferment, loan modifications, etc. for personal loans and many have offered similar options for business loans.  Reach out to your financial institution for details and ask what programs may be available.  Encourage employees to reduce expenditures as much as possible by utilizing these programs.
  • Receiving payment deferrals on a personal level can open up additional possibilities on a business level, especially in this time of rapid change.
  • Self-employed employees may now be eligible for unemployment benefits.  Please reach out to the Maine Department of Labor to learn more.

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