COVID-19 Updates and Resources
Updated 9-16-21
The impact of COVID-19 (coronavirus) on small businesses continues to change quickly. We care about you and our communities, and we want to share updates and the ways we can help you.
Contact Us
The best way to reach us regarding COVID-19 related requests is through our payment deferral request process.
For all other requests, please contact customer care or access your account online at
westernequipmentfinance.com.
Through our online portal, you can check balance information, make payments and more!
Please note, our lobby in Devils Lake, ND, is currently closed to the public. Our full team is available through normal email and phone channels.
Resources
- New Financing Requests
- Payment Deferral Process for Existing Contracts
- SBA 7(a) Debt Consolidation Loans
- SBA Disaster Assistance
- EIDL Policy Changes
- Article: How to Identify a New Type of BEC
- Article: Target for New COVID Scam - Small Business Owners
New Financing Requests
Our full staff remains safe and available for your equipment financing and customer care needs. If you would like to initiate a new financing request, we are here to help.
Payment Deferral Process for Existing Contracts
We’re reviewing requests with decisions based on individual circumstances. For the fastest possible service:
- Download and complete the Modification Request Form.
- Email the form to Credit@WesternEquipmentFinance.com.
- Watch for our email with the Contract Modification Agreement.
- Print, sign and return a copy of the agreement.
- Once we receive the executed Contract Modification Agreement, your contract(s) will be modified as outlined in the agreement.
SBA Lending Through Western Equipment Finance
Western Equipment Finance is accepting applications from select customers for SBA 7(a) loans as a way to alleviate cash flow demands due to the COVID-19 crisis. We are not able to support requests for other SBA products at this time.
The SBA provides a range of funding programs for COVID-19 relief. Please see the SBA’s website for more details.
SBA Disaster Assistance Through the US Treasury
The Small Business Administration (SBA) offers low interest, working capital loans to businesses that have suffered substantial economic injury as a result of COVID-19.
- Loans are funded directly from the US Treasury and must be applied for directly with the SBA.
- Loans must be applied for through the SBA at www.sba.gov/funding-programs/disaster-assistance.
Click Here for SBA Disaster Assistance Details
We’ll continue to update you as the situation changes. Thank you for your business and your trust.
Economic Injury Disaster Loan Program Policy Changes (9-8-2021)
- Increasing the loan cap from $500,000 to $2 million
- Expanding use of funds to include payment and pre-payment of business non-federal debt incurred at any time, and payment of federal debt
- Extending the deferment period to 34 months from the origination for all loans (existing loans with less than a 24-month deferment will be adjusted)
- Simplified affiliate requirements, for affiliate to be a business you control or have 50% or more control of
- Developed an additional path to meet program size standards (see the SBA's website for affected NAICS coded businesses)
- Loans must be applied for through the SBA at sba.gov/funding-programs/loans/covid-19-relief-options/eidl/covid-19-eidl.
Through October 8, 2021, these policy changes will apply to all applications requesting less than $500,000. Applications for amounts above $500,000 will not be approved or be subject to these changes until after October 8, 2021.
