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During difficult times, extending a helping hand to those in need leads to healing. Gate City Bank has spent the past 98 years creating a better way of life for customers, communities and team members. This hasn’t changed throughout the last year of the COVID-19 pandemic.
The Paycheck Protection Program (PPP) has had a significant impact on businesses throughout Gate City Bank’s footprint. This Small Business Administration (SBA) loan program was established as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. It provides small businesses with the resources they need to maintain payroll, hire back employees who may have been laid off and cover applicable overhead.
North Dakota had the highest concentration of PPP funds per private sector worker than any other state during the first round of loans in 2020. During that same period, Gate City Bank processed more loans than any other bank in North Dakota (loans under $150,000). This resulted in:
In the wake of the pandemic, the bank’s BetterLife Loan, for example, provided access to emergency funds for customers who suffered a job loss or a significant income-related event. The bank helped over 400 people with this program alone, making a $1.3 million impact overall throughout the year.
Gate City Bank cares about helping customers, especially during times of emergency such as government shutdowns, floods and the COVID-19 pandemic. The bank’s pandemic-related personal loans* came with a very low interest rate and no fees, helping people create a better way of life in difficult circumstances.
The bank also offered loan deferrals for those whose livelihood was heavily impacted by COVID-19. It processed more than 6,700 loan extensions for customers.
Gate City Bank believes in giving back to the communities where team members live and work. In the past year, the bank donated more than 30,000 of its blue tote bags to students transferring home-learning materials. It also gave away 25,000 hand sanitizers and 63,000 face masks.
Whether it was delivering pizza to heroic health care workers, displaying #WorldOfHearts support in windows or supporting local businesses by purchasing gift cards and distributing them to team members, Gate City Bank’s locations have let communities know everyone is in this together.
At Gate City Bank, we have a wonderful story to tell. It's aligned with our core purpose, focusing on investing in our customers, communities and team members. Learn more about us!
At Gate City Bank, our customers, communities and team members inspire everything that we are – they’re our people. Learn more about them through heartwarming stories and testimonials!
At Gate City Bank, giving back to the communities where we live and work is at the core of who we are. Learn about all the innovative ways we’re making a difference throughout North Dakota and central Minnesota.
