First National Bank Minnesota Lobbies Are Closed

In an effort to slow the spread of Covid-19, we have closed our lobbies. We will continue to do business through our drive-thrus. If you need to access your safe deposit box, or have a transaction that requires assistance in the branch, please call your local branch for an appointment.  

If you would prefer to bank remotely, you can access your accounts online 24/7 by using online and mobile banking. For more information on our online services, please click the link below. 

FIRST NATIONAL BANK MINNESOTA ONLINE SERVICES

Thank you from all of us at First National Bank Minnesota for your patience and understanding during these unprecedented times.

Business Updates and Links

Paycheck Protection Program

First National Bank Minnesota will be accepting applications for the Paycheck Protection Program (PPP) First Draw Loans and Second Draw Loans.  

The U.S. Small Business Administration (SBA), in consultation with the U.S. Treasury Department, opened the Paycheck Protection Program on Monday, January 11, 2021 for new borrowers and certain existing PPP borrowers. The SBA will notify lenders when they are able to submit the loan requests.  Until that time, lenders at First National Bank Minnesota are only able to the accept borrower applications.  

This round of the PPP continues to prioritize millions of Americans employed by small businesses by authorizing up to $284 billion toward job retention and certain other expenses through March 31, 2021, and by allowing certain existing PPP borrowers to apply for a Second Draw PPP Loan.

Key PPP updates include:

• PPP borrowers can set their PPP loan’s covered period to be any length between 8 and 24 weeks to best meet their business needs;
• PPP loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures;
• The Program’s eligibility is expanded to include 501(c)(6)s, housing cooperatives, destination marketing organizations, among other types of organizations;
• The PPP provides greater flexibility for seasonal employees;
• Certain existing PPP borrowers can request to modify their First Draw PPP Loan amount; and 
• Certain existing PPP borrowers are now eligible to apply for a Second Draw PPP Loan.

A borrower is generally eligible for a Second Draw PPP Loan if the borrower:

• Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses;
• Has no more than 300 employees; and
• Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.

First Draw PPP Loan Overview    FIRST DRAW PPP LOAN APPLICATION

SECOND DRAW PPP LOAN OVERVIEW   Second Draw PPP Loan Application

Minnesota Small Business Loan Guarantee Program

The Minnesota Department of Employment and Economic Development (DEED) now offers the Minnesota Small Business Loan Guarantee Program. This temporary program, established in response to the 2020 public health emergency, will help Minnesota lenders provide capital to small businesses in Minnesota affected by COVID-19. These loans can be used for a variety of purposes and can be subordinate to other financing. Allowable loan uses must be exclusively in Minnesota and include machinery or equipment purchases, maintenance, or repair; expenses related to moving into or within Minnesota; and working capital when the working capital is secured by fixed assets when possible.

The funds can only be provided to Minnesota businesses with fewer than the equivalent of 250 employees. The number of employees includes parent company and all locations. The program will provide an 80% guarantee up to a maximum of $200,000. A fee of .25 percent on the guarantee loan principal will be charged for each loan enrolled into the program.

Small Business Emergency Loans
DEED has established a loan program to assist small businesses directly and adversely affected and whose industry is named in Executive Orders 20-04 and 20-08 following the COVID-19 pandemic. Small businesses are a vital part of Minnesota’s economy and this program will provide a source of working capital to help businesses sustain operations during this challenging time. Loans are available  through SBEL approved lenders.

Federal SBA Disaster Loans and Emergency Grants (COVID-19)
The U.S. Small Business Administration is offering a low-interest federal disaster loans and a one-time emergency grant of up to $10,000 for working capital to small businesses and private non-profits suffering substantial economic injury as a result of the Coronavirus (COVID-19).

Frequently Asked Questions for Employers and Businesses

Apply for a COVID-19 Economic Injury Disaster Loan

State/Local Links

There are many local resources that feature valuable Covid-19 content.  Please use the following links for resources in your area:

• Greater Mankato Growth:  https://greatermankato.com/covid-19-info-resources
• St. Peter Chamber of Commerce:  https://www.stpeterchamber.com/
• Mankato Clinic:  http://www.mankatoclinic.com/covid-19-information
• Mayo Health Systems: https://www.mayoclinichealthsystem.org/covid19
• Minnesota Department of Health:  https://www.health.state.mn.us/diseases/coronavirus/index.html
• Minnesota Department of Employment and Economic Development:  https://mn.gov/deed/newscenter/covid/
• Minnesota Attorney General's Office:  Protect yourself from COVID-19 scams, report price-gouging
• Center for Disease Control - Coronavirus Resource Page:  https://www.cdc.gov/coronavirus/2019-nCoV/index.html