- Reliance Bank is Open!
- Our drive-up and lobby are both now open regular business hours.
Reliance Bank is open and working to be your community banking leader! As the COVID-19 situation evolves, Reliance Bank is taking aggressive steps to safeguard the health and safety of our customers, staff and community while ensuring the delivery of important financial services. With over $160 million in assets and strong capital levels, Reliance Bank is financially solid.
We're here to help.
We understand that the rapidly-evolving COVID-19 situation poses unique challenges for everyone and some customers may have difficulty making their monthly payments. Here at Reliance Bank, we want you to know that we have you covered! For qualifying customers, you can skip your next month's payment on your auto or installment loan. Click here to download the skip a payment form and return by mail or drop off in our drive-up.
Supporting our local businesses.
Several programs have been recently legislated or in the process of being approved. Some of them include:
- Families First Coronavirus Relief Act (FFCRA). This act deals with the 80 hours of reimbursable employee wages for small businesses whose staff needed to be home because of the virus. Employers pay their staff and will receive payroll tax credit up to the designated allowance.
- Economic Injury Disaster Loans (EIDL). SBA loans to small businesses up to $2MM at 3.75% fixed rate for 15 or 30 years. Payments are deferred for 11 months to begin next Feb/Mar. Application is online directly with the SBA. Our bankers will assist customers with their applications, but Reliance Bank is not the lender and does not underwrite, document or collect these loans.
- DEED Minnesota State Small Business Owner Emergency Loans. Loans of $2,500 to $35,000 at 0% interest with 50% forgivable clause for qualifying expenses. Application is made online through the DEED network of Lenders (SMIF - Southern Minnesota Initiative Foundation, Owatonna for Rice County). See DEED website for lender in your particular Minnesota district.
- Coronaviurs Aid, Relief and Economics Securities Act. (CARES). Includes many items including a Small Business Credit - Guaranteed Lending to Sustain Small Business Employment called "Paycheck Protection Program (PPP) loans. These are SBA 7(a) loans that Reliance Bank (certified SBA lender) will be underwriting directly with 100% SBA guaranty.
- Click here for an overview of the program.
- Applications for the Paycheck Protection Program loans can be downloaded here. Payroll documentation will be required in order to process the application.
- Click here for the borrower information fact sheet.
- Applications and supporting documentation can be submitted to your lender (Chris, Adam, Jason, Todd or Dan) on the Contact Us page of the website.
The coronavirus is impacting every aspect of our society and economy and no company is immune from its effects. Our team of bankers and management at Reliance Bank have been working tirelessly to understand and assess these programs to assist you in this time of uncertainty. Our goal is to protect and preserve the small businesses in our community for a brighter and more safe future.
Please feel free to contact your Reliance Bank Business Banker for the help we are prepared and willing to provide. Most of all, we hope you are safe. Working together, we will overcome this virus and the economic burden to flourish as the small businesses that are the backbone of our community.