ALBERT LEA, Minnesota - The coronavirus pandemic has lead to uncertainty among home and business owners, wondering if they're going to be able to afford everything they've worked hard on achieving.
To ease the financial pain, banks are working with customers on things like slashing interest rates and deferring loan payments. For US Bank customers, costs will be lowered on personal loans, and states like California are giving homeowners a 90 day waiver from mortgage payments. For CENT Credit Union customers, there is a loan deferral program for a term of up to 3 months, or 90 days, that includes mortgages.
Security Bank Minnesota President Tim Lenhart says his bank has some options for customers.
"Extensive loans, we've been giving a lot of extensions...people don't have to make payments for a period of time, 2-3-4 months, whatever it is. Or maybe they can only pay interest only, not principal and interest."
Through uncertain times like these, Lenhart says it's important for banks to help their customers.
"We are trying to be there for our customers the best we can. It's the kind of relationship banks have with their customers, that they try to help them out through the tough times and be there for them."
The U.S. Small Business Administration has a paycheck protection program that's authorizing over $300 billion towards job retention and other expenses, as well as other programs.