Redstone announces additional financial help for members and small businesses

Redstone Federal Credit Union today announced additional financial assistance to members, including small business members, who have been impacted by COVID-19.

In addition, funds provided by Redstone to the North Alabama Revolving Loan Fund, a nonprofit subsidiary of Neighborhood Concepts Inc., will provide emergency loans to small businesses to help them survive the economic downturn caused by the coronavirus.

Redstone is offering its individual members:

  • Payment deferrals
  • Fee waivers, and other assistance for auto and signature loans on an individual basis
  • Emergency loans, such as the Payday Loan Alternative or the Stretch and Save Loan
  • Skip-A-Pay on auto and signature current loans
  • Suspending automobile repossessions or mortgage foreclosures through April 30, 2020
  • Waivers on all early withdrawal penalties on share certificates and money market accounts through April 30, 2020
  • Members who have difficulty paying their mortgage may be eligible for interest-only payments or loan modifications.

“We understand that these are unprecedented times for us. However, we want our members and our communities to know that we are here for them, ’’ said Joe Newberry, Redstone’s President and CEO. “At Redstone, we are committed to doing everything we can to support our members affected by the coronavirus and helping them get back on their feet,’’ he said. Members are asked to contact Redstone at 800-234-1234 to discuss their specific issues.

Meeting Member Needs

Members may find additional resources at: redfcu.org/financialwellness.

Redstone has closed its branch lobbies, except by appointment. Members are asked to use online or mobile banking, live chat, ITMs, ATMs, or the call center. Those branch staff not taking appointments have been reassigned to serve members at the ITM or drive-thru teller or to answer phone calls.

Visit Redstone’s website at redfcu.org/COVID-19 for details on how to make in-branch appointments and the latest updates.

As this rapidly changing crisis continues, Redstone will also evolve to meet the needs of its members.

Helping Small Businesses

Understanding how significantly small businesses are suffering, Redstone is offering loan modifications, payment deferments, and other resources for applying for the U.S. Small Business Administration’s Economic Injury Disaster Loan (EIDL).

Through its partnership with the North Alabama Revolving Loan Fund, Redstone provided funds to assist the non-profit in offering emergency loans up to $25,000 to small businesses.

Mary Ellen Judah, Executive Director of Neighborhood Concepts, said the organization is using $1.5 million of an existing Redstone commitment to fund the Emergency Line of Credit. The money is available to current clients and any other businesses in north Alabama who are experiencing a hardship related to COVID-19.

Business owners may apply online at: neighborhoodconcepts.org