Communication Updates

COVID-19

In an effort to provide continual updates and transparency regarding COVID-19 and our preparedness plans, we have established this landing page. Below you will find all communication(s) provided to our customers and employees, as well as helpful links and resources.

Loan Relief Programs       Helpful Information

Disaster Help for Businesses

SBA Disaster Loan Programs

Minnesota and North Dakota businesses are eligible for the Small Business Administration (SBA) Economic Injury Disaster Loan (EIDL) Program and the SBA Paycheck Protection Program (PPP). Our team of SBA experts have compiled all the resources and information you need to know.

PPP Loan Info          EIDL Loan Info

 

Helpful Information

Experience #PeopleFirst Near and Far

As situations regarding COVID-19 continue to evolve, we know some may prefer banking options that do not require direct interaction. Here is a guide to the alternative banking options available to you.

Remote Banking Options
Online Banking Enrollment Information

Need help or have questions? We’re only a phone call or email away:

Online Banking for Individuals
Click here to Enroll
(888) 894-1357
help@bankwithchoice.com
Live Help 8:00 AM – 6:00 PM (CST)
Monday – Friday

Online Banking for Businesses
(763) 210-7775
cmteam@bankwithchoice.com
Live Help 8:00 AM – 5:00 PM (CST)
Monday – Friday

Location Updates
Customer Communication

Read the March 13 Letter
Read the March 16 Update
Read the March 19 Update
Read the March 27 Update
Read the March 30 Update
Read the April 1 Update
Read the April 9 Update
Read the April 13 Update
Read the May 21 Update
Read the June 16 Update

Employee Communication

Read the March 13 Letter
Read the March 16 Update
Read the March 18 Update
Read the March 26 Update
Read the April 6 Update
Read the April 9 Update

 

Special Loan Relief Programs

As an organization focused on putting #PeopleFirst, we continue to stand behind our customers, employees, and communities. We know that this is a challenging time for many. Below are some specific programs designed to help assist many businesses that may be feeling the impact of COVID-19. For questions and more information, reach out to your local banker or your nearest Choice Bank location.

Loans for Businesses        Loans for Individuals

 

Relief Loans for Businesses

Real Estate Loans

For all real estate notes: Residential Real Estate, Multi-Family, Farm Real Estate, Owner & Non-Owner Occupied

Features

  • Payment deferral up to 6 months
  • Applies to 1st Mortgages Only
  • For Farm Real Estate Loans – 1 annual payment

*Fannie Mae rules apply for applicable real estate loans, interest will continue to accrue

Additional Credit Needs

Other loan types that may require an extension or expansion of credit.

Features

  • Options for borrowers that require additional resources and/or loan extensions to support other challenges as a result of COVID-19
  • Additional collateral and/or personal guarantees may be required.
Small Business Association

Economic Injury Disaster Loan

Minnesota and North Dakota businesses are now eligible for the Small Business Administration (SBA) Economic Injury Disaster Loan (EIDL) Program. Our team of SBA experts have compiled all the resources and information you need to know.

EIDL Loan Info
Coronavirus Aid, Relief, and Economic Security (CARES) Act

Paycheck Protection Program (PPP)

The CARES Act was signed into law on 3/27/2020. The Act includes the Paycheck Protection Program (PPP) which was put in place to keep people employed and aid Small Businesses. Awaiting SBA interpretaion and regulation, the loans are not yet available. Our team of SBA experts have compiled what we know so far.

PPP Loan Info

SBA Product Comparison

Should you apply for one or both?

Economic Injury Disaster Loan (EIDL)Paycheck Protection Program (PPP)
A direct loan made by SBAPreferred SBA lenders (PLP), such as Choice Bank, make the loans
A maximum interest rate of 3.25%A maximum interest rate of 1%
For working capital, fixed debt obligations, pay bridge loans, credit cards if for COVID-19 purposesFor eligible working capital and payroll expenses
No set maximum loan sizeAllowed to roll in outstanding balances on EIDL loans
No forgivenessMaximum loan size is 2.5 times your average monthly payroll
30-year termFunds may be forgiven after 8 weeks by showing funds were used for eligible expenses
Collateral and Personal Guarantees requiredBalances not forgiven will be repaid over a 2-year term
No collateral and no personal guarantees required

Minnesota Department of Employment and Economic Development

MN DEED Emergency Loan Program

DEED announced the creation of an emergency loan program that will provide immediate relief to Minnesota businesses and their owners. Supported by $30 million from special revenue funds, they estimate between 1,200 to 5,000 small businesses in Minnesota will be able to receive financial assistance through the emergency loan program depending on the size of the loans being offered (anywhere from $2,500 to $35,000).

MN Emergency Loan Info
Bank of North Dakota

Ag Disaster Relief Program

The Bank of North Dakota (BND) offers the Ag Disaster Relief Program to ND farmers and ranchers negatively impacted by extreme weather conditions in 2019. The program offers the ability to carry over operating shortfalls, term debt payments, and to restructure existing debt, including BND’s Farm Financial Stability Program. For more information, contact your banker or location.

BND Ag Disaster Relief Info

Relief Loans for Individuals

Choice Bank Relief Options

Consumer Loan Payment Deferral Program

  • Includes secured consumer term loans (auto, recreation vehicles, chattel, etc.) as well as unsecured consumer term loans
  • All consumer term loan principal and interest payments can be deferred for up to 3 months
  • Individuals must ‘opt-in’ to the program to request up to a 3-month payment deferral
  • All lines of credits are excluded from this program
Find a Location

 

Choice Bank Relief Options

Real Estate Payment Deferral Program*

  • For all real estate notes including Residential Real Estate, Multi-Family, Farm Real Estate, Owner & Non-Owner Occupied
  • Payment deferral up to 6 months
  • Applies to first mortgages only
Find a Location

*Payment deferral does not include escrow payments.