Banks are ready to help small businesses get back on their feet

IDAHO FALLS, Idaho (KIFI/KIDK) - Many small businesses are crunching the numbers wondering how they will survive with the impacts of the pandemic, but president and CEO of Bank of Idaho, Jeff Newgard, says banks are open for support.

"The FDIC in the Department of Finance for Idaho have been very responsive as far as giving us banks support in providing our customers relief. So they've encouraged it through their mandates, so that's been nice," Newgard said.

The Small Business Administration has created an Economic Disaster Relief Program to offer unique SBA loans to small businesses.

"There are 350 billion dollars in federally guaranteed SBA loans for businesses under 500 employees," Newgard said.

Some businesses in particular industries will struggle more than others due to the coronavirus, and Newgard says bankers are aware. "We have really triaged our portfolio to look at more at risk industries out there so that we can be a help to them and reach out to them immediately."

In the last week, Newgard tells us bankers at the Bank of Idaho have made around 2,000 calls to their small business clients and consumers to check up on them and offer solutions.

"Small businesses are resilient. I love entrepreneurs, they're go getters and they will rise above this," Newgard said.

If your bank hasn't reached out, Newgard says the best thing to do is to reach out yourself immediately.

"Contact your banker right now. Don't wait for your banker to contact you reach out, find out what kind of programs are available, communicate, going dark never helped anybody."

To help non-profits the Bank of Idaho, INL, and other individuals stepped up to donate to a fund that non-profits can use for emergency assistance. For more information on the fund and to donate, click here.