Emergency Loans: The Cooperative Fund of New England is making available a $1M Emergency Cooperative Enterprise Relief Loan Fund for cooperatives in New England and parts of New York State who are seeing a dramatic loss of customers and revenue as a result of the pandemic.
Emergency Cooperative Enterprise Relief Loan Program:
- Working Capital Loans up to $50,000
- Term: Initial 6 months of P&I deferment and a total term of 36 months
- Interest Rates: 0% for the first 6 months, then 3% fixed
- Simplified Documentation and Rapid Response
- Cooperative must demonstrate need due to COVID‐19
- Cooperative eligibility to be determined
Stay tuned for further details. Current borrowers, please reach out to your loan officer or new applicants contact us explaining what your needs are and to receive an application.
Investors, donors and others interested in supporting the Emergency Cooperative Enterprise Relief Loan Program may direct new investments to this initiative. Please contact us for more information or find our prospectus here.