COVID-19 Community Loan Relief – A partnership between the City of Jacksonville and VyStar Credit Union

VyStar has been chosen as the City of Jacksonville’s partner for a new small business relief program specifically designed to provide loans and grants to qualified businesses in Duval County. Some highlights of the program are as follows:
• Commercial Lines of Credit up to $100,000
• Six (6) month draw period, during which the business can draw funds from the line as needed
• One (1) year interest only payments, followed by 5 years fixed, P & I payments
• Low, fixed interest rate

In addition, the City of Jacksonville is offering the following:
• Paying fees, interest, and/or some principal payments for businesses that meet certain criteria, such as retention of local workforce
• Providing grants to businesses that qualify, directly to their VyStar accounts

“Making an Impact” Community Business Loan
We are additionally offering relief loans for small businesses throughout all of VyStar’s communities. Some highlights of this relief loan are as follows:
• Commercial Lines of Credit up to $50,000
• Six (6) month draw period, during which the business can draw funds from the line as needed
• One (1) year interest only payments, followed by 5 years fixed, P & I payments
• Low, fixed interest rate and no fees
• Eligible businesses are non-profit, provide essential community services, or provide services to underserved communities.

Loan Relief Options
Our recently announced VyStar Relief Program provides all commercial members with options to defer payments to meet cash flow needs during this challenging time. Business credit cards received an automatic 60-day deferral and options are available to defer commercial auto and equipment loans for 60 days and commercial mortgages for 90 days.

CARES Act / Paycheck Protection Program
Many small business owners have started asking about the Paycheck Protection Program (PPP) and other CARES Stimulus Package enhancements that were passed on Friday. These programs are handled by the Small Business Administration (SBA). Currently, VyStar is an approved SBA Lender, working through a 3rd party business partner to provide these loans. The government has indicated guidance will be provided by this Friday, April 3rd, and we expect to be prepared to meet the needs of our members shortly thereafter. Our Small Business Bankers will be available to answer questions of our commercial members.

More information and Application Click Here

COVID-19 SBA Relief for Small Businesses

Please read and understand fully prior to accepting any relief options listed below.

1. SBA’s disaster relief program, EDIL – No lender involvement. Businesses apply directly through the SBA. www://SBA.gov. $10,000.00 Immediately. Loan, not a grant.

2. SBA’s 7a Loan – The Paycheck Protection Program (PPP) and most additional CARS Stimulus package enhancements will fall under the guidance of an SBA 7a loan. For lender information please visit www.SBA.gov. Below is a link that helps describe the PPP portion of the bill. The PPP portion may qualify as a grant if used within guidelines. See US Chambers link that is easy to understand: Click Here