Fire Recovery FAQs - Business Loans
FAQs for business owners who lost their business in the fires
- What do I do if my commercial building was destroyed by the fire?
- The proceeds from your insurance claim will be in the form of a check payable to RCU, as lender’s loss payee, and you.
- RCU will use insurance proceeds to pay off your loan, and will remit any net proceeds to you in the form of a cashier’s check.
- I’ve received a 60-day deferment on my business loan; how will payments work?
- Your next payment will be due 60 days from your current due date at your regular payment amount.
- The loan maturity date will not be extended. The loan payments will adjust at the time of your next regular rate adjustment.
- I’ve received a 60-day payment deferment on my revolving business line of credit (interest only), how will payments work?
- The maturity date will not be extended. The deferred payment amount will be spread out over 6 months following the deferment period, after which regular payments will resume.