Redwood Credit Union (RCU) is responding to the recent COVID-19 outbreak and shelter-in-place orders by offering support to its members in a variety of ways, said a news release.
All branch locations are open, and following health and safety guidelines from the Centers for Disease Control and Prevention.
Assistance programs are available to support impacted members, including:
- 0% interest rate loans up to $5,000 for impacted businesses and individuals that are current RCU members (first loan payment may be deferred up to 90 days).
- 90-day payment deferrals on all consumer, credit card, mortgage and business loans.
- Waiving all late fees over the next 90 days.
- Loans will not be reported as delinquent to the credit bureaus during any payment deferral period.
- Early withdrawals from RCU certificates without any penalty.
- Other financial assistance tailored to the member’s individual situation.
In addition Redwood Credit Union is distributing $800,000 in grants to more than 45 nonprofit organizations across Lake, Marin, Mendocino, Napa, San Francisco, and Sonoma counties. A list of these grantees is available on RCU’s website at redwoodcu.org/nonprofit-grant-recipients.
“We know people are struggling right now because they have lost jobs or had hours reduced, and don’t know how they’ll make ends meet,” said Brett Martinez, president and CEO of Redwood Credit Union. “We hope these grants make a difference in helping our nonprofit partners who are working hard to meet a significant surge of need due to this crisis.”
Info: redwoodcu.org/coronavirus, 800-479-7928
You can reach Jennifer Huffman at 256-2218 or firstname.lastname@example.org
The business news you need
With a weekly newsletter looking back at local history.