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Update on Financial Relief for Small Businesses and Members

This message was emailed to Vantage West Members on March 26, 2020. As the COVID-19 pandemic continues to change regularly, we are constantly updating VantageWest.org/HealthAlert with the newest information. We will not be updating this individual post. Please check VantageWest.org/HealthAlert consistently.

Dear Member,

Vantage West Credit Union remains committed to you as we enter this critical point in time when we as a nation fight together to lessen the impact of COVID-19. But we know all too well that our country’s efforts to suppress the spread of the virus come at a cost to so many business owners.

Last week, we shared what we are doing to help Members who are facing personal financial challenges during this trying time. Now we are sharing resources to help our business Members.

Assistance for Vantage West Business Members

We recognize that many of you are facing significant financial challenges from this unexpected disruption that has hit many of you at the worst possible time. Please know we are here for you.

As your Credit Union, we want to do as much as we possibly can to help ease the impact of business disruptions you are experiencing due to the pandemic. Soon, we will add a declaration form to our website where you can privately share what financial challenges you are facing due to situations related to COVID-19.

With this information we will be able to work with you to determine what assistance is best suited to your specific needs.

In the meantime, you can reach us via the following channels:

  • For commercial real estate requests for financial hardship assistance, email CRELendingGroup@VantageWest.org
  • For assistance with term loans, including commercial vehicle loans, business credit cards, and lines of credit, call 855.751.7003  

Additional Assistance for Arizona Small Businesses

We also want to be sure you are aware of what the Small Business Administration (SBA) is doing to help small businesses in eligible states facing challenges resulting from the COVID-19 pandemic situation.

In brief, the SBA is offering low-interest Economic Injury Disaster Loans (EIDL) to help compensate impacted businesses for temporary lost revenue tied to COVID-19. Arizona is among the states eligible for the SBA EIDL program that will assist small business owners during this time.

Key Features of SBA EIDL Loans:

  • Available to qualifying small businesses including nonprofits
  • Loans up to $2 million can be used to pay fixed debts, payroll, accounts payable, and other bills presenting challenges as the result of COVID-19
  • Interest rate of 3.75% APR for small businesses and 2.75% APR for nonprofits
  • Long-term repayment options, up to 30 years

Additional information about SBA EIDLs is available at sba.gov/coronavirus.

How We’re Helping Members with Personal Financial Challenges 

(Please share with your employees who are Vantage West Members)

We’ve waived certain fees and modified some products and services to help alleviate the financial burden caused by COVID-19. Last week, we sent a communication informing Members of the following options:

  • Impacted Members with a Vantage West consumer loan have options for customized loan modifications. Call a Member Service Representative at 855.751.7003.
  • We are waiving CD early withdrawal penalties for up to $5,000 per Member per month.
  • We are offering no-fee Skip-a-Pay service on consumer loans (excluding mortgages). Skip-a-Pay is available in online banking.
  • We are waiving phone loan payment fees.
  • Additionally, we extended the 2020 scholarship application deadline.

Vantage West Remains Financially Strong and Ready to Serve You

We know these are difficult and unprecedented times, but we also know that we have some very resilient Members. Many of us have been through a lot together. During these hard times, your Credit Union remains strong and well-capitalized.

Your money is secure with Vantage West and is insured up to $250,000 per individual depositor by the National Credit Union Administration (NCUA), an agency of the federal government. And we are here to stand beside you for the long run.

Additional Member Information

For the latest updates on modified hours and services we have put in place to help protect our Members and Associates, visit VantageWest.org/HealthAlert. We are consistently updating that page with all relevant details as the COVID-19 situation evolves.

As we all work together, we appreciate your patience and kindness during times of increased call and chat volume. 

We thank you for your Membership. We’re all in this together and working together, we will prevail and thrive. We will keep you updated as circumstances evolve. We remain committed to you.

Sincerely,
Your Vantage West Team

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Disclosures

Some products and services are subject to approval. Certain restrictions may apply. All loan modifications subject to Member eligibility and Credit Union approval.

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