Covid-19 Updates 

 

Monday, March 23rd

Provided by Iowa Economic Development

IOWA SMALL BUSINESS RELIEF FUND

On Monday, March 23, Governor Reynolds announced a new Iowa Small Business Relief Program that will provide financial assistance to small businesses and tax deferrals to any Iowa businesses that have been economically impacted by the COVID-19 pandemic. Application deadline is Tuesday, March 31, at 12 p.m.

For more information or to apply, visit the Iowa Economic Development site, iowaeconomicdevelopment.com.

Wednesday, March 18th at 3:30PM

Slowing the spread- What can we do? At Frontier Bank our care for our customers goes way beyond finances which is why we feel a strong responsibility to do our part in slowing the spread of the COVID-19 Virus.  

Effective at end of business today, March 18th and until further notice, access to the inside of any Frontier Bank branch will be available by appointment only.

  •  All ITMs will be open normal hours.
    • Monday-Friday: 7am-7pm and Saturday: 9am-1pm
  • Our loan officers and staff will be available by phone to answer any questions and set appointments.
  • If your banking needs require a visit to your local branch, please start with a phone call. Our staff will work creatively to meet your banking needs without increasing the risks for you or our staff.
  • If you're awaiting a mortgage closing, loan signing or other timely matter, a Frontier Bank employee will be in contact with you.

 Frontier Bank plans to remain fully staffed to accommodate all your banking, mortgage and investment services needs. We are taking this precaution to limit and control the environment of any in-person interactions. This critical step, among others, is being taken to help with social distancing, identified as a key deterrent to the spread of the virus. 

During this time, we encourage you to conduct your banking business utilizing the following methods:

 Above all, we are thankful for the opportunity to serve you. Since starting almost 90 years ago, Frontier Bank has worked alongside of you through many different events effecting our local economy, and we will be here for you through this too. 
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Tuesday, March 17th

Provided by the Small Business Association (SBA)

Today, as part of the Trump Administration’s aggressive, whole-of-government efforts to combat the Coronavirus outbreak (COVID-19) and minimize economic disruption to the nation’s 30 million small businesses, U.S. Small Business Administration Administrator Jovita Carranza issued revised criteria for states or territories seeking an economic injury declaration related to Coronavirus (COVID-19).

The relaxed criteria will have two immediate impacts:

  • Faster, Easier Qualification Process for States Seeking SBA Disaster Assistance. Historically, the SBA has required that any state or territory impacted by disaster provide documentation certifying that at least five small businesses have suffered substantial economic injury as a result of a disaster, with at least one business located in each declared county/parish. Under the just-released, revised criteria, states or territories are only required to certify that at least five small businesses within the state/territory have suffered substantial economic injury, regardless of where those businesses are located.
  • Expanded, Statewide Access to SBA Disaster Assistance Loans for Small Businesses. SBA disaster assistance loans are typically only available to small businesses within counties identified as disaster areas by a Governor. Under the revised criteria issued today, disaster assistance loans will be available statewide following an economic injury declaration. This will apply to current and future disaster assistance declarations related to Coronavirus.

“We’re very encouraged that banks and financial institutions are responding to the President’s efforts to mobilize an unprecedented public-private response to the Coronavirus (COVID-19) outbreak. As a result, most small businesses that need credit during these uncertain times will be able to obtain it. However, our goal is to ensure that credit is available to any and all small businesses that need credit but are unable to access it on reasonable terms through traditional lending channels,” said Administrator Carranza. “To that end, the SBA is relaxing the criteria through which states or territories may formally request an economic injury declaration, effective immediately. Furthermore, once an economic injury declaration has been made in a state or territory, the new rules allow the affected small businesses within the state or territory to apply for a disaster assistance loan.”

SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance for each affected small business. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.

Process for Accessing SBA’s Coronavirus (COVID-19) Disaster Relief Lending

  • The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). Upon a request received from a state’s or territory’s Governor, SBA will issue under its own authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by the President, an Economic Injury Disaster Loan declaration.
  • Any such Economic Injury Disaster Loan assistance declaration issued by the SBA makes loans available statewide to small businesses and private, non-profit organizations to help alleviate economic injury caused by the Coronavirus (COVID-19).
  • SBA’s Office of Disaster Assistance will coordinate with the state’s or territory’s Governor to submit the request for Economic Injury Disaster Loan assistance.
  • Once a declaration is made, the information on the application process for Economic Injury Disaster Loan assistance will be made available to affected small businesses within the state.
  • These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%.
  • SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.
  • SBA’s Economic Injury Disaster Loans are just one piece of the expanded focus of the federal government’s coordinated response, and the SBA is strongly committed to providing the most effective and customer-focused response possible.

For additional information, please visit the SBA disaster assistance website at SBA.gov/Disaster.

Friday, March 13th at 3:30PM

Just like you, we are monitoring the latest news of the coronavirus. We understand this pandemic will likely cause challenges and stress for you, our customers, which is why we want to reassure you that we are here for you. The health and safety of our customers and employees comes first, so we want to remind you that there are alternatives to in-person banking during this unprecedented time.

All five of our full-service branches are open and will remain open unless circumstances dictate otherwise. Please stay tuned to our emails, Facebook posts and website over the coming days and weeks for any changes. 

Our employees are taking these preventative steps to avoid the spread of the coronavirus and we encourage you to do the same:

  • Wash your hands multiple times a day with soap and water for at least 20 seconds
  • Limit touching your face and mouth
  • Use an alcohol-based hand sanitizer when soap and water are not available
  • Cover your mouth with a tissue or sleeve when you cough or sneeze
  • Avoid close contact with those who are sick
  • Routinely and thoroughly clean and disinfect all frequently touched surfaces
  • Stay home if you become sick, and remain home until you are free of symptoms for at least 24 hours
 

 

 

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