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Accion is here for you!
Accion Serving Southern California understands that the situation with COVID-19 is creating challenges for our clients and our entire team is working on ways we can best support you and your business during this time.
PAYMENT ASSISTANCE PROGRAM – As of March 16th, 2020
The Accion team has created a special temporary monthly loan payment deferment program designed for clients whose revenues are being affected by COVID-19. Clients within the retail, services, entertainment, recreation, hospitality and food services industries are eligible to apply. Other industries may be considered, and we would encourage you to speak with our servicing staff directly with questions if your business is outside of the above.
How to apply
To be considered, please send an email to email@example.com with the following information:
- Share the impact COVID-19 has had on your business, including the following details:
- If your business is currently open or if it is closed (due to government mandate or other reason) and if you are currently paying employees.
- Please briefly outline your plan or ideas currently and in the future to help your business recover
What to expect:
- A servicing team member will contact you within 3 business days to acknowledge your request and discuss it.
- We will send you documentation to electronically sign as it relates to requests which might include:
Third-party documents required for change in terms
- If approved, your loan payment will be deferred for 2 months (No payments for those months) followed by an interest only payment for the following 4 months. An interest only payment is typically 10-20% of your regular monthly loan payment amount. Once the assistance period is complete, then you would return to making your normal loan payment.
How does the deferment affect my loan?
It will extend your original maturity date (the payoff date) and will be detailed in the new documents you sign.
Will this impact my credit?
No – We will report your loan as current on your credit report.