As the coronavirus continues to impact our lives and communities, we want you to know that Investors Community Bank is prepared and here for you during these unprecedented times. Like many companies, we are taking precautionary measures to protect the health of our customers, employees, and communities, while ensuring business continuity, so you continue to receive a high level of service from us. But more than that, we want to help you navigate through these unchartered waters so your business can remain operational.
First and foremost, our bankers are available to help you and answer your questions. We know that every situation is unique, so feel free to reach out to talk about what you are experiencing and discuss customized banking assistance we can offer. We are here to help, and we will work through this together. Outstate agencies are also stepping up with business relief programs; here are some you should know about:
SBA Economic Impact Disaster Loans
The U.S. Small Business Administration (SBA) is offering low-interest federal disaster loans for working capital to small businesses that are suffering substantial economic injury as a result of the novel coronavirus.
Uses for this loan option, include paying 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 without credit available elsewhere; businesses with credit available elsewhere are not eligible. The 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.
For more details on the program, visit www.sba.gov/coronavirus.
If you are thinking of applying, here's what you can do to get started now with forms you'll need and be ready to go when the portal opens:
- Tax Information Authorization (IRS Form 4506T) for the applicant, principals and affiliates.
- Complete copies of the most recent Federal Income Tax Return.
- Schedule of Liabilities (SBA Form 2202).
- Personal Financial Statement (SBA Form 413).
- Profit and loss statements
- Monthly sales figures (SBA Form 1368)
WEDC Small Business 20/20 Program
The Wisconsin Economic Development Corporation (WEDC) is creating a program to provide grants to targeted businesses throughout the state. The WEDC Board of Directors approved $5 million in funding for the program, which will be known as Small Business 20/20 (SB20/20). SB20/20 will provide grants of up to $20,000 to targeted businesses with no more than 20 employees to cover rent and to meet payroll expenses, including paid leave (including sick, family and other leave related to COVID-19).
The grants will be deployed by partnering with the state's 23 community development financial institutions (CDFIs). Because the CDFIs have pre-existing relationships with many of these small businesses, CDFIs will be able to provide the grants quickly and directly to their clients. Applications for business assistance must be processed through the CDFIs and not the WEDC. Here are eligibility requirements; additional details can be found at www.wedc.org/sb2020:
- Eligible applicants for Small Business 20/20 funds are Wisconsin CDFIs with a minimum organizational loan portfolio of at least $4 million, or a collaborative of CDFIs with a combined organizational loan portfolio of at least $4 million.
- Approved CDFIs and collaboratives will make program grants available to for-profit businesses that are current loan recipients in good standing as of 3/1/20 with the approved CDFI and/or its collaborating CDFIs. These businesses must have 20 or fewer full-time or part-time employees and greater than $0 but less than $2 million in annual revenues. Preference will be given to service and retail businesses.
- Businesses may be granted two months of payroll and rent expenses, up to a maximum of $20,000. Funds must be used for rent and payroll expenses, including covering paid leave (sick, family and other leave related to COVID-19) during the duration of the funding period.
Digital Banking Solutions
Our goal at Investors Community Bank is to help you operate "business as usual" when it comes to your banking. Even though our lobbies are temporarily closed, our drive-thru's are open; night depository is available; or you can call us to assist you via telephone. Your business banker is also just a phone call away for 1:1 conversations. Additionally, our many digital tools can help you manage your business accounts 24/7:
- ICB Business Online Banking gives you complete access to your accounts without ever having to leave the office. You can view balances, make payments or transfers, manage ACH payments and transfers, issue stop payments, and more.
- ICB Business Mobile lets you bank conveniently from your phone. You can check balances, view transactions, deposit checks, approve scheduled transfers, receive alerts, and more.
To learn more about our digital banking options visit our Digital Banking page.
Where to go with questions
We will continue to monitor the COVID-19 situation and keep you apprised of any new developments. We feel communication is vital at this time, and we are emailing customers with regular communications. If you are not receiving email updates, please notify us via email@example.com, and we will add you to our distribution list.
Regular updates are also posted on our website as well as both our Facebook and LinkedIn pages. Please visit these resources for the latest updates, and do not hesitate to reach out to your banker with any questions.