In an effort to provide a solution for our business members during the COVID-19 pandemic and current stay-at-home orders, we have reinstated a $5,000 Emergency Business Loan for eligible businesses that use Bay Federal Credit Union as their primary financial institution.
Applications for the Emergency Business Loan are only accepted online. To get started, apply for a Personal Loan and select “Emergency Business Loan” as the purpose.
Terms
- Maximum loan amount of $5,000
- 24 month term at 3% APR
- No payments for 90 days
- No minimum score for qualifying, no income verification, and no budget restrictions
- Any business that received an Emergency Business Loan earlier this year must be must be in repayment
- The Emergency Business Loan is a Personal Loan
Eligibility Criteria
- Must have primary Business Checking Account with Bay Federal Credit Union, open for a minimum of six months
- >50% ownership in the business is required; if a business is a 50/50 ownership, BOTH borrowers must be on the loan and on the bank account (K1 or Schedule C will be required to verify)
- Cannot have any past or current charge-offs with Bay Federal
- No existing Bay Federal loans more than 30 days past due
- Must self-employed a minimum of two years