small Business Relief EFFORTS
We stand by our clients, employees and communities in good times and during times of unrest. The coronavirus pandemic is creating financial uncertainty for many businesses in our community and we want to help. We are offering small businesses a loan relief program and a 90-day Skip Pay for credit card. Please see details below and reach out to your Small Business Relationship Banker with any questions.
Small Business Loan Relief
Small business customers have the option to make interest-only payments for the next three months.
"Skip Payment" for Small Business Credit Card
For the months of April, May and June, our small business credit card clients, who are currently in good standing, can skip their payment without penalty. Finance charges will continue to accrue, but no late fees will be assessed and skipping these three payments will not negatively impact the client’s credit.
Most Small Business Credit Card clients will AUTOMATICALLY be signed up for this unless the client is signed up for auto pay. Any client paying their bill via auto-pay will need to contact card services at email@example.com 10 business days before your statement due date to skip payment over this period.
We are prepared to support our small business clients. We will get through this crisis together, and will continue to be a valuable partner during this unprecedented time and in the days ahead.
Coronavirus Aid, Relief, and Economic Security (CARES) Act Enactment - March 30, 2020
On Friday, March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was enacted, representing one of the largest emergency aid and economic assistance programs ever adopted. Although guidelines on the implementation of the CARES Act have not yet been shared with financial institutions, we recognize the importance of communicating information about the CARES Act, and how it could potentially assist you.
ROCKFORD, Ill. – Joined by members of the local banking industry, Mayor McNamara announced the creation of the COVID-19 Small Business Emergency Loan Fund. The loan fund, established by the Northern Illinois Community Development Corporation and managed by the Rockford Local Development Corporation, is funded by the City of Rockford, Winnebago County, Illinois Bank and Trust, Associated Bank, WinTrust, Midwest Community Bank, Blackhawk Bank, Northwest Bank, Stillman BancCorp and Sunil Puri.