Commercial | Neighbors Federal Credit Union

Commercial

How can we help your business grow today?

Commercial Checking

Commercial checking that fits your needs with the freedom to change as your business changes.

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Commercial Deposit Accounts

Keeping your business safe with savings.

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Commercial Lending

We can help your business grow with our commercial lending options.

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Commercial Visa Credit Card

Need a credit card for your business? We can help with that.

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Other Products and Services

Everything you need to make your business successful.

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Financial Education for Small Business

Neighbors is proud to offer free financial education to help you along the way in your business adventure.

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Information for commercial members

Coronavirus Aid, Relief and Economic Security - CARES Act: The legislation passed by Congress contains several provisions to provide emergency assistance for Small Businesses affected by the pandemic.

Small Business Administration (SBA) issued final guidance to financial institutions on the Paycheck Protection Program (PPP). Direct loans from financial institutions guaranteed through the SBA are available.

This is our current understanding of the provisions in the bill for Small Business owners:

  • Loan applications on SBA Form 2483
  • Borrowers will need to certify that they have been impacted. There will be no personal guarantees or collateral associated with the loan.
  • Loans can be for up to 2.5 times your average monthly payroll costs from the last year. That amount is subject to a $10 million cap. If you are a seasonal or new business, you will use different applicable time periods for your calculation. Payroll costs will be capped at $100,000 annualized for each employee.
  • Interest Rate: 1.00% Fixed Rate.
  • Loan term: 2 years.
  • All payments will be deferred for 6 months; however, interest will continue to accrue over this period.

How much of my loan will be forgiven?

SBA has issued their Paycheck Protection Program Loan Forgiveness Application that can be found from the following link: https://www.sba.gov/sites/default/files/2020-05/3245-0407%20SBA%20Form%203508%20PPP%20Forgiveness%20Application%20FINAL_Fillable.pdf

When can you apply

  • Starting April 3, 2020, small businesses and sole proprietorships can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.
  • Starting April 10, 2020, independent contractors and self-employed individuals can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.

Neighbors FCU is now accepting applications.

More information can be found on the Treasury Department’s website.

This information will be updated and may change as the Small Business Administration publishes guidance about the lending program. Please check back regularly.

You may also call 225-819-2178 for more information.

Other helpful commercial information

In the interest of our business owners, Neighbors would like to provide the following link to help navigate the ever-changing financial situation caused by the COVID-19 pandemic. Here you will find up-to-date information on the latest government programs/decisions and how they might affect your business.

More information

Request a FREE business banking account analysis

Neighbors wants to put money back in your business by making sure you have the right account to fit your ever-changing business needs.

Let one of our relationship officers see if we can help save you money today.

Request a Free analysis

Beneficial Ownership

Effective May 11th, 2018, financial institutions are subject to new rules under the Bank Secrecy Act that will aid the government to help combat acts of terrorism and other national security threats.

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