Last updated on 4/8/2020
In response to the Covid-19 crisis, LISC has made several changes to our existing lending policy to better support our borrowers and communities. These changes are outlined below. If you have any questions, please contact lending@lisc.org.
If you are an existing LISC borrower and are facing financial hardships with your construction or small business loan payment, please complete our Construction Impact Survey or Business Impact Survey to help us identify your needs. For any urgent questions or concerns, please reach out to your local LISC Lending Team.
Loan Closings, Late Fees & Origination Period Extensions
The following changes will be effective 4/1/20 until further notice;
- LISC will waive late loan payment penalty fees for up to 60 daysthrough 9/30/20 for borrowers who are experiencing business disruption.
- Loan origination periods may be extended by up to 60 days for construction projects that experience delays.
- Good Faith deposits, received within 60 days of 3/17/20, will be refunded to any borrower who, after consideration of the current environment, has decided not to move forward with their project.
Short-term Bridge Loans
We will also offer short-term bridge loans to approved government subsidies until 9/30/20 for borrowers awarded Federal, State or Local Government business disruption support, subject to LISC’s standard terms and conditions; however, LISC’s customary Good Faith deposit of $5,000 will be waived for existing borrowers.
Existing LISC Borrowers, Help Us Identify Your Needs
