Coronavirus COVID-19 Nest Emergency Loan Program
In an effort to support cash flow issues during these unforeseen times, the National Board of Directors has approved a new program to aid Nests with buildings that have experienced diminished revenues during this closure period. The COVID-19 Nest Emergency Loan Program was established to offer a short-term, low interest, loan to Nests to provide assistance while Nests have been closed due to the coronavirus.
The minimum and maximum loan requests for the program will be $1,000 and $7,500, respectively. The loans will be set at a 2-year loan term with a 3.25% interest rate. Payments will be made on a monthly basis and will commence 3 months subsequent to the loan execution date. Interest will not accumulate for the first three months of the loan. In the event the Nest is able to repay the loan balance within 6 months, the interest will be forgiven.
With the current meeting restrictions in place, National Headquarters is aware that the coordination of a Nest meeting to authorize the loan application is not plausible. In lieu of a formal Nest meeting approval, National is requesting signatures from the Nest President, Financial Secretary, and one additional Officer.
The program will be open for application through December 31, 2020.
Please contact Ryan Gregg at email@example.com with any questions.