FAQs for business owners who lost their business in the fires

  • What do I do if my commercial building was destroyed by the fire?
    • The proceeds from your insurance claim will be in the form of a check payable to RCU, as lender’s loss payee, and you. 
    • RCU will use insurance proceeds to pay off your loan, and will remit any net proceeds to you in the form of a cashier’s check.
  • I’ve received a 60-day deferment on my business loan; how will payments work?
    • Your next payment will be due 60 days from your current due date at your regular payment amount.
    • The loan maturity date will not be extended. The loan payments will adjust at the time of your next regular rate adjustment.
  • I’ve received a 60-day payment deferment on my revolving business line of credit (interest only), how will payments work?
    • The maturity date will not be extended. The deferred payment amount will be spread out over 6 months following the deferment period, after which regular payments will resume.