The credit union has partnered with Lendio to provide Paycheck Protection Program loans. Lendio features hundreds of loan options from 75+ of the best small business lenders. Recently added as an SBA loan program, the Paycheck Protection Program provides federally guaranteed loans to eligible small businesses. These loans are intended to help small businesses retain employees throughout and after the Coronavirus (COVID-19) crisis.
Please note, borrower applications will be submitted to a network of financial institutions setup to fund and service SBA PPP loans. ACU will not be funding or servicing these loans.
The credit union has partnered with Lendio to provide you access to their network of lenders providing SBA PPP loans. Your loan will be reviewed, approved, and serviced by one of the lenders within the network. Once your application is submitted Lendio has 300+ agents ready to assist. Here is how it all works:
Gather your needed information and click apply now to be taken to our page with Lendio
Establish your login ID and complete the application
Lendio will contact you and begin the approval process with a lender in the network
Your loan is approved and funded
If you run into any snags, don’t hesitate to contact the credit union at 801-866-1210. You may also contact our SBA PPP Loan partner Lendio at 1-855-853-6346 or customerservice@lendio.com.
Per the Economic Aid Act, available to businesses under 500 employees who are qualified:
Small businesses
Nonprofit organizations
Veterans organizations
Tribal businesses
The loan can only be used for:
Payroll costs and employee commissions or similar compensations
Insurance premiums and group healthcare benefits during paid sick, family, or medical leave
Mortgage interest payments (but not prepayment or payment of mortgage principal)
Commercial space rent and utilities
Interest on any other debt obligations incurred before the covered period
100% Loan Forgiveness when used for payroll, mortgage interest, rent, and utilities.
Payment Deferments for the first 6 months, and up to 12 months for some qualifying borrowers
Quick Responses Get approve and funding within days – and often in as little as 24 hours
Even though these loans are not funded through ACU, we can help you with any questions you may have about the process through our partner Lendio.
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