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Gate City Bank Helped Customers with $74M in Paycheck Protection Program (PPP) Loans, $1M in Personal Loans Over Last Year of Pandemic

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.

Processing the Most PPP Loans in North Dakota

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 helped over 2,100 businesses in 252 industries, resulting in a $74 million overall impact.

Helping Customers with Personal Loans That Totaled Over $1 Million

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.

Continuing to Promote Philanthropic Giving in Fargo, West Fargo and Surrounding Areas

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.

About Gate City Bank

A $2.8 billion mutual bank founded in 1923, Gate City Bank is the region’s leading financial institution, as well as the #1 mortgage lender in North Dakota. The Bank employs more than 735 team members at 43 locations in 22 communities across North Dakota and central Minnesota. The Bank believes in creating a better way of life for customers, communities and team members, and it has contributed $30.6 million in philanthropic giving and 250,000 hours of team volunteerism since 2003. Additionally, Forbes has placed Gate City Bank at #4 in the U.S. on its list of the World’s Best Banks. The Bank has also been named one of the “50 Best Places to Work” seven years in a row by Prairie Business magazine.

*Terms and conditions apply.

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