We are pleased to announce a new zero-rate advance opportunity for all of our member institutions through a new COVID-19 Relief Advance.
Our new COVID-19 Relief Advance opens on Monday, May 3, 2021, with funds available through Friday, May 28, 2021.
Introducing a New COVID-19 Relief Advance
We have allocated enough funds for all member and associate members to execute a COVID-19 Relief Advance up to $5 million. The advance terms include:
- 1-year zero-rate advance
- Maximum borrowing amount up to $5 million
- A request for this advance can be made one time per member or associate member institution
- 2% Reduced Capitalization Advance Program (RCAP) activity stock requirement
- Advance is pre-payable at any time without a pre-payment fee
- Requests for this advance can be made throughout the week, but advance proceeds will be funded once per week on Fridays (May 7, 14, 21, and 28)
- Funds are subject to our regular collateral requirements; in the near-term, we encourage you to ensure your institution has the necessary collateral capacity to take out this advance
If your existing COVID-19 Relief Advance matures before one of the aforementioned funding dates:
- Apply right away for the new COVID-19 Relief Advance. The application can be found here
- You can either have a gap in funds until your funding date, or you can contact your Sales Director for cost-efficient strategies to fund this short gap
If your existing COVID-19 Relief Advance matures after one of the aforementioned funding dates:
- Apply for the new COVID-19 Relief Advance the week before your existing advance matures
- Pre-pay your existing COVID-19 Relief Advance without fee the day your new COVID-19 Relief Advance settles
For More Information
For additional details, visit our COVID-19 Resource Center to view FAQs and to learn more about the advance requirements and processes for borrowing and applying. You are also invited to join our Weekly Market Update webinar on Thursday, May 6, where we will spend time covering the facets of the new COVID-19 Relief Advance and answer any questions you may have. Please register for the May 6 webinar here.
Please feel free to contact your Sales Director with any questions.