A letter from our President, Mike Seaberg, regarding the CARES Act PPP Loans:
Dear Business Owners,
Let me first, and most importantly, say that all of us at FNB Cokato wish all of you and your family and employees all the very best in this most difficult time. First National Bank of Cokato has been serving the Cokato and Dassel area since 1916. We are a well-capitalized bank and devoted to serving the needs of our community. Thank you for banking with First National Bank of Cokato.
On March 27, 2020, the President signed the Coronavirus Aid Relief and Economic Security (CARES) Act into law. This $2 Trillion plus bill will serve to provide financial relief to small businesses and individuals adversely affected by the Coronavirus pandemic. A key component of the CARES Act is the Paycheck Protection Program (PPP).
The SBA has completed the second allocation of PPP loan funds. Demand for this program has been significant, however at this time funds continue to be available...thus, we are still encouraging those who wish to participate to contact us as soon as possible.
If you are interested in having FNB Cokato work with you on your PPP loan, please contact us. We will send you a summary on the loan program, a check list to start working on, and a link to the Loan Application. For more information, I’d suggest logging directly into the SBA’s website and search for the Payment Protection Program.
Again, thank you for banking with First National Bank of Cokato. We look forward to assisting you with this great opportunity to help your business during these unfortunate times.
FNB Business Loan Offerings:
Lines of Credit
- Designed for borrowing needs of less than 1-year
- Finance seasonal cash flow needs or working capital for receivable collection
- Flexible arrangements for short-term needs
- Gap financing while arranging a different loan
- Pre-determined maximum amount which allows you to borrow as needed
- Pay interest only on the amount you have outstanding
- Easy access to funds - you can make advances in person, by phone, or in writing
- Reserve Checking - a simpler line of credit linked to your business checking account
- Designed for intermediate term borrowing needs of 1-10 years
- Repayment based on your company's cash flow - payments can be set for monthly, quarterly, or annually
- Used to finance permanent assets such as equipment, machinery, and furniture and fixtures
- Expand or remodel existing facilities
- Purchase of new property or business
- Investment Property
- Construction financing - short-term financing to complete a project and you pay only interest during the construction phase
* Other terms and conditions apply. All accounts require approved credit. Contact us for further details.