Center for Rural Affairs offers loan relief, emergency credit

Lending
Small Towns
Contact(s)

Kim Preston, Center for Rural Affairs Lending Services Director, [email protected], 402.687.2100 ext. 1008; or Rhea Landholm, brand marketing and communications manager, [email protected], 402.687.2100 ext. 1025

LYONS, NEBRASKA – 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 Lending Services 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, for the next 90 days, all fees including late payment, overdraft, and rescheduling fees, will be waived for existing loans.

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 lending program in 1990.

Visit cfra.org/onlineapplication to apply. Current borrowers can contact their loans specialist or call 402.687.2100.

 

Established in 1973, the Center for Rural Affairs is a private, non-profit organization working to strengthen small businesses, family farms and ranches, and rural communities through action oriented programs addressing social, economic, and environmental issues.

Center for Rural Affairs receives funding from the Small Business Administration, U.S. Department of Agriculture, Nebraska Business and Innovation Act through the Nebraska Department of Economic Development, U.S. Department of Treasury, Peter Kiewit Foundation, and other sources. Women’s Business Center is funded in part through a cooperative agreement with the U.S. Small Business Administration. All Small Business Administration funded programs and services are extended to the public on a nondiscriminatory basis. Reasonable accommodations for persons with disabilities and/or persons with limited English proficiency will be made if requested in advance. This institution is an equal opportunity provider and employer.