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Getting Through the Tough Times Together

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In these unsettling times, it can be settling to know there’s help available.

The COVID-19 pandemic continues to impact many aspects of our lives, including financial well-being. Through it all, SELCO remains committed to helping our members navigate these difficult situations. Various financial assistance programs were created to provide relief to individuals and businesses hit hard by the lasting effects of the coronavirus. Even with these programs in place, you may have questions, which is why we offer ways to set up virtual appointments with our financial experts for consultations you would normally have in person.

Through thick and thin, SELCO is committed to you, the member-owner.

Personal Financial Assistance

If your regular income has taken a hit because of the pandemic, let us help. Our COVID-19 Financial Assistance Program features a low-interest loan and a Special Skip Payment program; other relief options are also available to help members make ends meet.

  • Income Disruption Loan. If you became a SELCO member on or before March 16, 2020, you are eligible for an Income Disruption Loan:
    • Up to $2,500.
    • 2% fixed interest rate.
    • 18-month term with no payments due for the first six months.
    As of April 27, 2020, SELCO funded nearly 800 Income Disruption Loans totaling over $1 million. To apply, visit selco.org, log in to online banking, or call us at 800-445-4483.

    “The Income Disruption Loan (IDL) has been an asset to so many SELCO members,” said Sarah Means, Loan Center Manager. “We are happy to serve our community in such a tangible way and be on the front line to have these conversations with members who appreciate SELCO so much.”
  • Special Skip Payment. With this option, you can get temporary relief from your monthly payments on eligible SELCO vehicle, credit card, or personal loans, and home equity lines of credit (HELOC). We’ll even waive the normal fee. In April alone, SELCO processed more than 2,000 Special Skip Payments.
  • Other Loan Relief Options. If Skip Payment isn’t the best course of action, SELCO has other relief options for your loan payments. Also available are partial payments, interest-only payments, and extensions on the loan terms. Call 800-445-4483 to see how a SELCO Loan Modification Specialist can help you assess your situation.

    “Our goal from the beginning was to make this process as simple as possible for our members,” said Karrely Payne, Collections Manager at SELCO. “And I believe we’ve done that.”

For more information on these programs, please visit our COVID-19 Financial Assistance Program page.

Connecting with Our Experts

It’s important that you take advantage of our digital services to conduct routine transactions like viewing your balance, making loan payments, and depositing checks. But if you’re looking for a one-on-one meeting with one of SELCO’s many experts, our online scheduling tool makes it easier than ever to set up phone or video appointments. In a few quick steps, you can select a convenient time to discuss your loans, review and adjust your investment portfolios and insurance plans, and more.

Based on which division you’d like to work with, there are several entry points for the scheduling tool on selco.org. Here are a few ways to get there—simply click the “schedule” link once inside:

*For business loans, you can download applications online, but you'll still need to mail them in once completed.

Financial Assistance for Businesses

Helping business owners stay afloat during the pandemic has been priority No. 1 for SELCO Commercial & Business Banking. From securing a portal for the federal Paycheck Protection Program to creating relief options for property owners, SELCO has its business members’ best interests in mind.

  • Paycheck Protection Program (PPP). Because so many small businesses are struggling at this time, the $600 billion from the two PPP rollouts was exhausted quickly. To put the lending frenzy into perspective, after the initial fund of $350 billion ran out, US Treasury Secretary Steven T. Mnuchin said the SBA processed “more than 14 years’ worth of loans” in less than two weeks. During that frantic process, SELCO Commercial & Business Banking partnered with online referral service Lendio, which submitted 502 applications to SBA, 432 of which were approved for a total of $25,060,400 for SELCO members. (SELCO didn’t receive any funds from this relationship.)
  • Emergency Injury Disaster Loan (EIDL). Also included in the CARES Act is the EIDL, which provides relief for small businesses experiencing a temporary loss of revenue. SELCO provided a direct link to the SBA site for small business owners to apply. Overwhelmed by demand, the EIDL recently received an additional $50 billion. Visit sba.gov for developments in the two programs.
  • Emergency Loans for Property Owners. While the federal relief programs are quickly being exhausted, SELCO also has ongoing loan options for owners of multi-family or residential tenant-occupied properties. SELCO is currently offering flexible, low-rate loans to keep your operations going while assisting your tenants during this crisis. Depending on your needs, choose from either one-time advance loans or flexible lines of credit. To apply, email or call 541-744-7525.

“We’ve helped hundreds of businesses get millions in funding in a very short period. That’s exciting news,” said Mike Donaca, Vice President of SELCO Commercial & Business Banking. “Our energy has been focused on helping small businesses any way we can, and that’s what we will keep doing.”

For more information on SELCO’s business assistance options, visit the COVID-19 Financial Assistance for Businesses page.

Through the Great Depression, Great Recession, and the challenges of today, SELCO has been fully committed to its members. You can count on that to continue.

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