At First National Bank Minnesota, community is at the heart of everything we do. Like many of you, we have been closely monitoring the rapidly changing events related to the Coronavirus (COVID-19). As COVID-19 begins to have an increasingly significant impact on the communities and businesses that First National Bank Minnesota serves, our team is responding to new information as it becomes available and we are here to support you through these trying times. We understand there is a lot of information out there, and it can be confusing and overwhelming to sort through. In an effort to help, we have put together the following links and program information you might find helpful.
We are updating this page regularly, so please check back for the latest information.
Customer Update: 4/1/20 Letter to Our Customers
Customer Update: 3/17/20 First National Bank Minnesota Announces Lobby Closures
Business Updates and Links
- Paycheck Protection Program
The CARES Act establishes the Paycheck Protection Program, a $350 billion loan program to help small & mid-sized businesses with cash flow during the COVID-19 crisis. If the business maintains their payroll for eight weeks, the portion of the loan used for covered payroll costs, interest on mortgage obligations, rent, and utilities would be forgiven.
The Paycheck Protection Program (PPP) is just one program under the CARES Act that offers support to small businesses. First National Bank Minnesota is an SBA approved bank, and the SBA is allowing us to begin accepting applications for this program starting Friday, April 3, 2020
PPP Borrower Information Fact Sheet
For complete details, visit the Paycheck Protection Program on the SBA website.
FILL OUT APPLICATION CONTACT A LENDER
- 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
There are many local resources that feature valuable Covid-19 content. Please use the following links for resources in your area: