This information is updated as of 1-12-21

COVID-19

Read our latest communication sent 12-23-20 about the Coronavirus Response and Relief Supplemental Appropriations Act. Read Here ›

Relief for Businesses       Relief for Individuals       Contactless Banking

 

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 SBAPreferred SBA lenders (PLP), such as Choice Bank, make the loansPreferred 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 purposesFor 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 operationsFor 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 sizeMaximum loan size is 2.5 times your average monthly payroll up to a maximum loan amount of $10,000,000Maximum 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 forgiveness500 or few employees 300 or fewer employees
30-year termFunds may be forgiven after 8 - 24 weeks by showing funds were used for eligible expenses. At least 60% must have been spent on eligible payrollFunds 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 requiredBalances not forgiven will be repaid over a 2-year term or a 5 year term depending on the date of your loanBalances not forgiven will be repaid over a 5 year term
No collateral and no personal guarantees requiredNo 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

Already applied for a PPP Loan?

Click below for our PPP Forgiveness Resources.

PPP Forgiveness Info

Additional Credit Needs

All 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.

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
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