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COVID-19 Financial Assistance for Businesses

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Email us at [email protected]


If your business has been disrupted, we’re here to help.

The COVID-19 pandemic has disrupted our daily lives and, in many cases, our financial foundations. We understand the uncertainty and distress this can cause, and want to assure you that whatever you’re experiencing, we’re at your side. Here are resources available to help you and your business through these uncertain times. 

SELCO Emergency Loan Options

For owners of multi-family tenant-occupied properties (5 units or more):

 
Loan Option: Best For: Features:
Fast Loan
Term loan with one-time
advance up to $25,000
Quick access to funds.
  • Low initial interest rate of 3% for first 3 months; 4% after that.
  • No payment for first 3 months; interest-only payments for next 6 months. Balance termed out over 36 months.
  • Waived loan fee.
  • No appraisal required for Fast Loan. Appraisal may be waived for Flex Line and Stability Loan. 
Flex Line
Flexible line of credit up to $150,000

Flexible access to funds to smooth out cash flow.
Stability Loan
Term loan with one-time advance up to $150,000

Fast access to larger loan amounts.
Refi + Flex Line
Refinance existing loan and add a line of credit up to $150,000
Flexible access to larger loan amounts while taking advantage of low refinance rates.
  • For first 9 months, rates as low as 3%; after 9 months, rates as low as 3.5%.
  • Waived loan fee.
  • No payments for first 3 months; interest-only payments for next 6 months; balance can be termed out over 10 years with 25-year amortization. 


Additional Information:

  • Maximum cumulative loan-to-value (CLTV) is 65%.
  • Terms for Fast Loan, Flex Line, and Stability Loan are up to 45 months. Principal and interest payments due after 9 months.
  • Term for Refi + Flex Line is up to 120 months. Principal and interest payments due after 9-month emergency period.
  • Fast Loan, Flex Line, and Stability Loan allow first or second deeds of trust subject to underwriting. The refinance (Refi + Flex Line) loan must be completed as a first deed of trust.
To apply, email [email protected] or call us at 541-744-7525. We’re happy to help connect you with the right assistance for your needs.  

SBA Resources for Small Businesses

As part of the recently passed Coronavirus, Aid, Relief, and Economic Security (CARES) stimulus package, the U.S. Small Business Administration (SBA) is offering two federal loan programs to help small businesses stay afloat. The Paycheck Protection Program (PPP) provides 100% federally guaranteed loans for eligible small businesses to help keep their workers employed during the pandemic and resulting economic downturn. The SBA is also offering an Economic Injury Disaster Loan (EIDL) for businesses suffering temporary economic losses as a result of COVID-19. For more information about these programs, please visit the SBA website.

Paycheck Protection Program (PPP)

A new round of PPP loans is now available as part of the stimulus bill signed into law on December 27. Applications will remain open through March 31, 2021, or until the funds are depleted.

Eligibility: Businesses that have not previously received a PPP loan are able to apply beginning Monday, January 11. Businesses who received PPP funding in an earlier round can apply again starting Wednesday, January 13 if they can demonstrate losses of 25% or higher in 2020 over their 2019 revenue. For additional details and eligibility requirements, please visit the Small Business Administration’s PPP site.

Applying: While SELCO is not providing PPP loans, you can apply through Lendio. The Lendio site walks you through the process and provides answers to common application questions. 

For additional support, call Lendio at 855-853-6346. Lendio is a separate entity, and the Lendio site is not created, operated, or controlled by SELCO.

Economic Injury Disaster Loan (EIDL)

This loan is only available through the U.S. Small Business Administration (SBA). For information and to apply, visit the SBA website.