Covid-19 Emergency Loans

Consumer Emergency Loans

• We are offering an emergency loan of up to $5,000 @2.99% for 72 months for members of the
  credit union who are impacted with the COVID-19.
• Loans above $5,000 will be subject to the credit union loan policies.
• Members will need to submit a loan application together with employment verification.
• These loans will be processed expeditiously.
• Loan amount and approval will be subject to adequate credit rating, payment history with the
  credit union and other terms and conditions. Credit Union reserves the right to stop the
  program anytime.
• Members will need to provide information on how they are financially impacted by the COVID19
  

Downloads:
Loan Application

Cash Out Auto Title Loan

• Members can apply for cash-out auto title loans of up to $10,000 @1.99% for 60 months,
  depending on the value and age of the vehicle.
• Loan amount and approval will be subject to the adequate credit rating and payment history
  with the credit union and other terms and conditions. Credit Union reserves the right to stop
  the program anytime.
• Any loans over $10,000 are subject to individual credit union normal loan policies

Downloads:
Loan Application

Emergency Business Line of Credit

• Business Line of Credit of up to $25,000 may be provided @3.99% for 12 months (Texas only).
• Loans above $25,000 will be subject to the credit union loan policies.
• Loan amount and approval will be subject to adequate credit rating, financials and payment
  history with the credit union. Credit Union reserves the right to stop the program anytime.

Downloads:
Loan Application

Paycheck Protection Program

We are here to help!

Nizari is an approved SBA lender and is offering for our members to apply for the Paycheck Protection Program offered by SBA through Nizari PFCU. Please contact our business loan officer at 281-921-8517 or 281-921-8513. You can also email us your request at loans@nizaricu.org.
All loans will have the same terms regardless of lender or borrower. More information and full terms can be found at www.sba.gov.
Please Note: Loans will be processed on a first come first served basis. Members must have a business account with Nizari PFCU in order for the applications to be processed or approved. We are working overtime to ensure that we take care of your requests in a timely manner. However, due to very high volume of requests, there may be delays in responding. If you have lending relationships with another Financial Institution, there may be a chance of your application being processed faster with your existing lender. Please feel free to explore other options as Nizari PFCU does not guarantee timely approvals due to limited quota and resources.
You may also reach out to Access at 1-844-552-2237 for help in this regards.

CARES Act

Coronavirus Aid, Relief and Economic Security Act
CARES Act has established several new temporary programs to address the COVID-19 outbreak, out of which Nizari PFCU is offering the Paycheck Protection Program. To learn about other CARES programs, please visit www.sba.gov for more information.

Paycheck Protection Program

The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgage, rent, and utilities.

Eligible Small Businesses

Small businesses with 500 or fewer employees—including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors—are eligible. Businesses with more than 500 employees are eligible in certain industries.

Will my loan be fully forgiven?

Funds are provided in the form of loans that may be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any processing fees.

Must Keep Employees on the Payroll—or Rehire Quickly

Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.

For ongoing update on the Paycheck Protection Program please visit www.sba.gov