Supporting Small Businesses During the Coronavirus
We love our locals and know that the impact of Coronavirus (COVID-19) is being felt by the small businesses that make our communities great. As a community bank, we consider it a privilege to support you, and as we always have in the past, we will be here as your financial partner to help you navigate this unique time.
The content below is a guide for your small business and most importantly, we are just a call or email away. Visit our locations page to find contact information for bankers near you.
Know Your Loan Options
Reach out to us if you are struggling or if you foresee challenges in the near future. We are here for you. We'll make time to look at the finances of your business holistically, including your loans and deposits. We'll walk through your cash flow and evolving capital needs, and review the below payment relief options that may be suited for you.
Understanding Your Loan Options Based on What You Need:
- For capital to cover the cost of retaining employees: Paycheck Protection Program
- For smaller amounts of quick cash to cover expenses right now: Economic Injury Disaster Program.
- Assistance keeping up with payments on a current loan: We can offer 3 months of loan payment deferral without credit bureau impact on any small business term loan or line of credit up to $500,000. No fees will be charged during that time.
- Just some quality guidance to get through this uncertain time - reach out to anyone from our team or take advantage of your local Small Business Development Center, Women's Business Center or SCORE membership chapter. Visit the SBA website to find a local resource partner.
You can also check out our side-by-side comparison of your options.
Navigating the Coronavirus may require you to think about your business in ways you never have before. Work to understand your needs - both immediate long-term - and then have a dialogue with us about the ways you are thinking through your current or potential obstacles, including:
- How have your receivables changed? What impact have you experienced on projects that have been cancelled, and when do you expect that to change?
- Is your landlord able and willing to make accommodations? Given the widespread nature of the situation, you are certainly not alone and may find unexpected flexibility in your partnerships
- If you need to carry inventory longer, what could that timeframe look like and what will that mean to your finances?
It's easy to be stuck in the here-and-now, because right now is where the most urgency lies. But this is also the most essential time to be forward-thinking:
- Review your current deposit account and treasury management settings and consider if they should be updated
- Line of credit availability - will this situation create an issue in terms of concentrations? Consider permanent vs. revolving working capital loans
- What will happen if you can make your loan payments but cannot meet some of the covenant requirements or ratios?
Fraud is on the rise which requires extra vigilance to avoid exposing your business to additional risk. If we reach out to you, we won't ask you to provide your confidential information like personal identification number (PIN) or passwords. Please follow the Federal Trade Commission's advice on protecting yourself from scams and visit our Fraud Center.