We're here for you now and for what's next.
Right now you need more than financial services—You need financial solutions. Whether you're facing new challenges or you're looking for guidance to help with changing goals, we're here to help. Plus, as part of that commitment to our members and the communities we serve, we're continuing and expanding our volunteer service and support.
Solutions for Members
In addition to these efforts to provide financial assistance, we are also making it a priority to help members with their overall financial health with our free financial counseling resources. We’re also providing resources and guidance to help members explore the provisions that have been put in place by the CARES Act Economic Relief Plan.
We are offering a deferment of up to two months for qualified borrowers on our consumer loans, including auto loans, personal loans, and credit cards.
Home Equity Loans & Home Equity Line of Credit (HELOC)
We are offering up to a two month deferment for qualified borrowers on our fixed-rate home equity loans and HELOCs.
Northwest Federal is following the Fannie Mae and Freddie Mac guidelines for homeowners who are adversely impacted by this national emergency for all of our first mortgage loans, regardless of whether or not it is Fannie Mae-owned mortgage.
Small Business Solutions
One of the most talked about provisions of the CARES Act is the Payroll Protection Plan (PPP.) The PPP allows small businesses with fewer than 500 employees a loan up to $10 million for payroll and certain other expenses. As an approved SBA lender, Northwest Federal took this opportunity to help local businesses by ramping up staff needed to process applications.
Whether it be personal, mortgage, or commercial loans, we are ready to assist members with any questions and concerns they have about existing loans or future lending needs.
Volunteerism and giving back is at the core of our culture here at Northwest Federal. Every year, each team member receives 24 hours of paid time to volunteer for worthy causes of their choosing. Last year, we collectively spent over 9,000 hours helping organizations across the communities we serve. With the pandemic, our opportunities for face-to-face volunteering have diminished, so we have been working to expand our community involvement in new ways. For example, many staff are using their paid volunteer time to make cloth masks to donate to essential workers. Staff have also been volunteering with ACTS of Prince William County’s Senior Link program to make friendly phone calls to senior citizens the in the area.
We also discovered a desperate need in the area to help fill diaper banks. Many families who are impacted by joblessness or a reduction in hours are having to make tough choices on how they spend their money. As a result, it often becomes difficult for families to afford diapers for their babies and toddlers. The Northwest Federal Foundation held a Diaper Drive donating 50,000 diapers. Through the summer, the Foundation continued it's community support with the Food for Kids Drive to help families with hunger issues throughout the community.
On top of employee volunteerism and donation drives, Northwest Federal has also made monetary donations to several local groups. Many community events we supported have been cancelled. With so many worthy organizations desperately in need for funding their programs, Northwest Federal decided to shift its funding from these events in order to make additional monetary contributions to these community organizations:
- Western Fairfax Christian Ministries
- LINK Against Hunger
- Dulles South Food Pantry
- Arlington Food Assistance Center (AFAC)
- Seven Loaves Middleburg
- Action in Community Through Service (ACTS) of Prince William
- House of Mercy
We're poised to assist our members and our communities through the many changes we know are ahead and we will continue to work to serve our WHY: Together, we serve and inspire to transform lives.