March 27, 2020
SBA Loan Program
On March 27th, Congress passed a $2 trillion stimulus package to aid the US economy during the Coronavirus pandemic. The stimulus package is designed to assist businesses during these challenging times. It includes the Economic Injury Disaster Loan (EIDL) program, a lending program administered directly by the SBA.
The Coronavirus Aid, Relief and Economic Security (CARES) Act, is an SBA lending program directed towards small businesses. It is administered through SBA affiliated financial institutions. EDGEWATER BANK IS AN SBA LENDER AND WILL BE APPROVING AND ADMINISTERING LOANS UNDER THE CARES ACT.
Edgewater is ready, willing, and very able to assist local businesses and non-profit organizations with these loan programs. Please contact our commercial lending team at 269-982-4175.
March 20, 2020
To our clients —
What we are all experiencing right now is unprecedented. I’m not sure about you, but I could not have imagined this a week or so back. Nonetheless, we need to work together to get through the economic challenges that the COVID-19 pandemic has created.
Edgewater Bank is committed to helping its business and individual clients through these difficult times. We understand that temporary cash flow issues may be causing you anxiety and concern. To help address those issues, please reach out to us and we will provide the following accommodations:
As “The Real Local Bank”, Edgewater will personalize accommodations to each individual need and will work with clients throughout these challenging times. If you need assistance and would like to discuss the options noted above, or other options, please let us know. We will work promptly to assist you and help ease some of the stress you may be experiencing.
(1) The existing loan must be no more than 30 days delinquent to qualify for deferment. The maturity date of the loan will be extended the same number of months as the deferments. If applicable, the escrow portion of monthly payments will continue to be required as scheduled.
(2) The existing loan must be no more than 30 days delinquent to qualify for interest-only payments or full payment deferral. The maturity date of the loan will be extended the same number of months as the deferments. If applicable, the escrow portion of monthly payments will continue to be required as scheduled.
We are in this together.
And we will work through it together.
In my 62 years of life and almost 40 years of banking, I thought I had seen most everything. Obviously, I have not. We are now experiencing an unprecedented situation with COVID-19 and the impact the virus has on our daily lives, our schools, our economy, and our well-being.
Edgewater Bank has a pandemic plan. We are taking every precaution within our organization to combat the COVID-19 virus and encouraging employees to do their part in helping to limit the potential spread of the virus. We have several staff members working from home and have taken other precautions internal to the organization.
We are attempting to follow the latest recommendations provided by federal, state, and local health organizations, so, effective March 17, our drive-up facilities will remain open but our lobbies will be operating by appointment only.
All electronic banking services will continue to be available, including but not limited to Internet banking, ATM services, mobile banking, electronic bill payment, and direct deposit. We understand the economic impact of the virus and stand ready to work with our clients who may be impacted by the virus. Edgewater has a history and culture of meeting the needs of its clients and remaining flexible and available in times such as these.
We understand that some our clients will be economically impacted for reasons outside of their control and will work with them on a personalized basis to get through this challenge.
Through a planned, steady, and communicated approach, we will work through the COVID-19 virus and resultant economic issues, both internally and with our clients.
If you have any specific questions, please contact your Edgewater professional banker or contact me directly. We are in this together and will work through it together.