Relief Loans for Businesses
Small Business Administration
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
Small Business Administration
Paycheck Protection Program (PPP)
The Coronavirus Aid, Relief, and Economic Security (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. Our team of SBA experts have compiled all the information that’s available.PPP Loan Info
SBA Product Comparison
Use this comparison chart to help you decide which loan to apply for:
|Economic Injury Disaster Loan (EIDL)||Paycheck Protection Program (PPP)||Paycheck Protection Program (PPP) – Draw 2|
|A direct loan made by SBA||Preferred SBA lenders (PLP), such as Choice Bank, make the loans||Preferred SBA lenders (PLP), such as Choice Bank, make the loans|
|A maximum interest rate of 3.75%||A maximum interest rate of 1%||A maximum interest rate of 1%|
|For working capital, fixed debt obligations, pay bridge loans, credit cards if for COVID-19 purposes||For eligible working capital and payroll expenses, including benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations||For eligible working capital and payroll expenses, including benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations|
|No set maximum loan size||Maximum loan size is 2.5 times your average monthly payroll up to a maximum loan amount of $10,000,000||Maximum loan size is 2.5 times your average monthly payroll or 3.5 times your average monthly payroll for certain borrowers in Accommodation and Food Service up to a maximum loan amount of $2,000,000|
|No forgiveness||500 or few employees||300 or fewer employees|
|30-year term||Funds may be forgiven after 8 - 24 weeks by showing funds were used for eligible expenses. At least 60% must have been spent on eligible payroll||Funds may be forgiven after 8 - 24 weeks by showing funds were used for eligible expenses. At least 60% must have been spent on eligible payroll|
|Collateral and Personal Guarantees required||Balances not forgiven will be repaid over a 2-year term or a 5 year term depending on the date of your loan||Balances not forgiven will be repaid over a 5 year term|
|No collateral and no personal guarantees required||No collateral and no personal guarantees required|
|Funds are available through 3/31/2021||Borrower must have previously received a first draw PPP loan and will or has used the full amount for authorized uses prior to disbursement of draw 2 loan|
|Funds are available through 3/31/2021|
Additional Credit Needs
All loan types that may require an extension or expansion of credit.
- 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.
For more information, please reach out to your banker or nearest Choice Bank location.
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
If you have a consumer or real estate loan and have been financially impacted due to the pandemic, please contact your banker or your nearest Choice Bank location for options.
Contactless Banking Options
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
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