COVID-19 (Coronavirus) Updates

Updated 3-24-20

The COVID-19 (coronavirus) situation continues to change quickly. We care about you and our communities, and we want to share the latest updates on our preparations.

Location Updates

By working from home, our full staff remains safe and available for your equipment financing and customer care needs. Our lobby is currently closed to the public.

The best way to reach us regarding COVID-19 (coronavirus)-related requests is by sending an email to CustomerCare@WesternEquipmentFinance.com.

Resources

• Equipment financing & full service staffing. If you're an existing customer, please reach out to your Sales Team for new financing requests. If you're new to Western, please apply here.
• Support with existing contracts. We're currently reviewing hardship requests for payment deferral and making decisions based on individual circumstances. Please follow the instructions below to ensure the fastest possible service. Processing time is currently 4-5 business days and we will email you with the applicable agreement.
  • Download and complete the Modification Request Form [link to form – attached].
  • Email the form to: Credit@WesternEquipmentFinance.com
  • Watch for our email with the Contract Modification Agreement. NOTE: Processing time is currently 4-5 business days and we will email you with the agreement.
  • Print and sign the agreement. Email a copy back to us.
  • Once we receive the executed Contract Modification Agreement, your contract(s) will be modified as outlined in the agreement.
• SBA 7(a) Loans through Western Equipment Finance. We are a lender for the Small Business Administration (SBA), specializing in loans for certain types of franchise financing, business acquisitions, expansion of an existing business, tenant / leasehold improvements, and debt consolidation.
  • New and existing customers with a large amount of debt ($500,000 or more) may benefit from debt consolidation.
  • Congress is working on changes to this product due to the current COVID-19 crisis and we will update this page as updates become available.
  • Please contact us with your inquiry about this product.
• SBA Disaster Assistance through the US Treasury. The Small Business Administration (SBA) is now offering low interest working capital loans to businesses that have suffered substantial economic injury as a result of COVID-19.  These loans come directly from the US Treasury and must be applied for directly with the SBA.
  • The SBA website for the program is: https://www.sba.gov/disaster-assistance/coronavirus-covid-19#section-header-1
  • The SBA has provided a presentation to provide information about the loans, and provide instruction on how to apply: [link to presentation]
  • These loans are available to:
    • Small businesses and most private non-profit organizations that are directly affected by the disaster.
    • Business that offer services directly related to industries that are likely to be harmed by losses in their community may also be eligible.
    • Businesses indirectly related to industries that are likely to be harmed by losses in their community may also be eligible.
  • How can my business use the loan and how much can my business borrow:
    • Loans are to be used to pay fixed debts, payroll, accounts payable and other bills. Loans are not intended to replace lost sales or profits or for expansion.
    • Businesses can borrow up to $2,000,000 with an interest rate of 3.75% for small businesses and 2.75% for non-profits. The loan term can go out to 30 years.
    • There is no cost to apply for a loan. Eligibility is based on size (must be a small business), type of business and financial resources.
    • If a loan is denied, the business has up to six months to provide new information and submit a written request for reconsideration.
  • How do I apply:
    • Apply online at https://disasterloan.sba.gov/ela/.
    • Electronic applications are strongly recommended and are easier, faster and more accurate. However, you can, if necessary, submit a paper loan application. Applications can be downloaded from sba.gov/disaster. Completed paper applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155
    • If you have questions when completing the application, you can call the SBA’s Customer Service line at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or send an email to disastercustomerservice@sba.gov.
    • If you require assistance during this process, you can contact one of SBA’s partners: Small Business Development Centers (SBDCs), Women’s Business Centers (WBC), Veteran’s Business Outreach Centers and local Chamber of Commerce. For the nearest office, visit: https://sba.gov/local-assistance.
    • These loans are not serviced nor processed through Western Equipment Finance. Please use the above resources for information and applying for assistance.

Online Options

Online access is available at www.westernequipmentfinance.com. Register online for balance information, to make payments, and more!

Staff Precautions and Preparations

We’re actively following precautions and working to ensure that we are able to continue to deliver on the excellent customer service you know and trust. As a company, we are:

• Highlighting the importance of handwashing with team members
• Increasing our cleaning and disinfecting measures
• Asking team members to stay home if they don’t feel well
• Offering options for team members to work from home
• Following Center for Disease Control (CDC) guidelines and suggestions
• Monitoring impacted communities
• Discouraging employee travel to affected areas

We’ll continue to update you as the situation changes. Thank you for your business and your trust.