Need A Hand?
Community First Program. Offering a multitude of assistance to those faced with a financial hardship.
As a not-for-profit financial institution, we stand true to our core mission of “people helping people.” When our members are faced with a hardship in the wake of a disaster, we want them to know that their credit union is standing behind them. That’s why we have implemented a comprehensive program of financial support initiatives to help the people and communities we serve. SouthPoint’s Community First Program is designed to assist members to be in a better position to recover quickly from the effects of a hardship. SouthPoint is committed to supporting members during times of uncertainty and will work with members on an individual level to find a solution to tailor to their specific needs. We’re here to help. Options include:
As neighbors, we understand the challenges that commercial and business members face. We will work with you and your business to find an option that truly fits your need. Options include resources from the Department of Employment and Economic Development and the U.S. Small Business Administration.
- Low interest loans up to $2 million through the U.S. Small Business Administration at https://disasterloan.sba.gov/ela
- MN Department of Employment and Economic Development program resources up to $35K at https://mn.gov/deed/business/financing-business/deed-programs/peacetime/
One part of the CARES Act is the Paycheck Protection Program, designed to help small businesses with 500 or fewer employees meet payroll and other obligations. The loans cover a wider base than traditional SBA loans, and may be partially or entirely forgiven. They can be used to cover a wide range of business-related expenses, and the loan amount is tied to the payroll costs of the business. Employers taking this loan may be ineligible for some other CARES Act relief, but the program could be a huge help for both small business owners and their employees during this crisis!
Also, note that there is a limited amount of funds available under the CARES Act for PPP loans.
Click the link below to fill out the application. Once complete, email the pdf to [email protected].
The Mortgage Relief Program offers financial assistance to members who have been negatively impacted by a recent disaster event as it pertains to their SouthPoint Home Mortgage.
- Specialized options available depending on individual needs
- To begin, click the below for the Mortgage Assistance Application
If a member is having difficulty with their monthly payments to a SouthPoint loan, Skip-a-Pay can offer financial relief for those who qualify.
- Option to skip a consumer loan payment
- Potential $30 fee waiver
*This does not apply to real estate, ready reserve loans, commercial loans, semi and annual payments. Cannot skip more than one monthly consecutive payment at a time. Please contact us at 877-794-6712 if you have any questions.
LSS Financial Counseling
SPFCU members can receive up to six free financial counseling sessions. They are available at 800-528-2926 or visit lssmn.org/financialcounseling/southpoint