The Center for Rural Affairs, based in Lyons, Nebraska, is offering relief to its borrowers experiencing a drop in revenue due to COVID-19.
“The Center for Rural Affairs is committed to helping our local business partners cope with the economic impact of COVID-19,” said Kim Preston, Center for Rural Affairs’ Rural Enterprise Assistance Project (REAP) director. “We know this is a difficult time for many, and we want to do what’s right for small business owners.”
Borrowers with loans in good standing who are experiencing a decline in revenue are eligible to request reduced payments or loan deferment for up to 90 days. In addition, all fees including late payment, overdraft, and rescheduling fees, will be waived for existing loans for a period of time.
The Center for Rural Affairs is also making emergency credit available to qualifying Nebraska small business owners.
“We’re implementing an Express Loan based largely on credit history and pre-COVID-19 income that offers expedited funding of up to $7,500 for new borrowers and up to $10,000 for return borrowers with strong payment histories,” Preston said. “We will continue to offer affordable small business financing of up to $150,000 for small businesses in Nebraska through our traditional loan products.”
Staff, working remotely as much as possible, continue to provide free coaching and resources to small business owners. These services are offered in both English and Spanish.
“Our borrowers are an important part of the communities we serve,” Preston said. “We are committed to supporting local businesses. We’re in this for the long haul.”
The Center for Rural Affairs has lent more than $21 million to Nebraska small businesses since establishing its REAP program in 1990.
Visit cfra.org/onlineapplication to apply. Current borrowers can contact their loans specialist or call 402-687-2100.