Williamsport -- Horizon Federal Credit Union has implemented a new program to offer some financial relief to those who have lost income as a result of COVID-19.
The new program, Horizon Cares, lets members impacted by the pandemic to defer loan payments up to 90 days, refinance existing loans with a 90-day payment deferment, waives ATM fees, and increases the limit on mobile deposits.
Horizon has also unveiled a new loan product that offers impacted members a loan equal to 1.5 times their net monthly income prior to reduction with a low rate of interest. Members will be required to repay only the interest for the first six months; loans may last up to 36 months.
“As a credit union, we have a fundamental duty to our community,” said Horizon CEO Justin Howard. “Restoring and lifting up our communities from this global crisis starts with helping those impacted by it. Horizon is proud to assist those impacted and we are looking forward to a brighter financial future for everyone!”
Horizon announced an additional program specifically meant for small business owners whose businesses are suffering due to social distancing and business shutdowns. Horizon is waiving their monthly business account fees through the end of the year. In coordination with their partner, Newtek, they are also offering small business loans and cash rebates for businesses to acquire equipment for processing debit and credit payments.
“Small businesses are the lifeblood of our community,” continued Howard. “This pandemic has made it difficult to generate income to pay their employees, rent, and utilities. Many small businesses don’t currently accept card payments, and these rebates will make it easier to get started.”