SBA Disaster Assistance in Response to the Coronavirus

SBA’s Economic Injury Disaster Loans [EIDL] offer up to $2 million in assistance and can provide vital small businesses and private non-profits to help overcome the temporary loss of revenue. These loans are only intended as working capital loans to assist with the impact caused by the coronavirus emergency. Loan funds may be used to pay fixed debts, accounts payable and other bills that can’t be paid because of the disaster’s impact. 

Interest rates are 3.75% for small businesses and 2.75% for non-profits. 

Loans are offered with long-term repayments in order to keep payments affordable; loans can go up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon the borrower’s ability to repay. 

Visit www.sba.gov/disaster for more information. For additional information, you may contact the SBA disaster assistance customer service center. Call 1-800-659-2955 (TTY: 1-800-877-8339) or email disastercustomerservice@sba.gov

For an EIDL application: 
Electronic – Go to https://disasterloan.sba.gov/ela/
1.  Select Apply Online
2.  Register; in the future use LOGIN
3.  They are suggesting that you apply from 7:00 pm to 7:00 am due to
the high volume.
4.  They state that some users are having problems with CHROME;
suggest that you use EDGE or INTERNET EXPLORER  
5. APPLY 

Paper – While electronic filing is easier, faster and more accurate, paper loan applications can be downloaded from www.sba.gov/disaster. 
Completed application should be mailed to:  
U.S. Small Business Administration
Processing and Disbursement Center
14925 Kingsport Road
Fort Worth, TX 76155
 
Disaster loan information and application forms can also be obtained by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing) or by sending an email to disastercustomerservice@sba.gov

These are the FORMS that will be needed: 
1.   Completed SBA loan application [SBA Form 5] for partnerships, corporations, limited partnerships, nonprofits, limited liability entity – information needed for Form 5:
• Organization type and legal name; Trade Name if any [Secretary of
State registration]
• EIN
• Address and phone numbers
• Date business established
• Number of employees [pre-disaster]
• Insurance coverage [if any] coverage type, name of company and
agent
• Owners – names; title; % owned; SSN; marital status, DOB, POB, phone
number, address 
2.   Completed SBA loan application [SBA Form 5c] for sole proprietorships – information needed for Form 5:
• Legal names; EIN; DOB; POB; marital status
• Address; phone numbers; emails
• Debts – mortgages, installment loans, student loans, credit cards,
insurance, real estate taxes
• Number of employees [pre-disaster]
• Insurance coverage [if any], coverage type, name of company and
agent, policy number
• Assets 
3.   Tax Information Authorization [IRS Form 4506T] for the applicant, principals owning 20% or more of the applicant business, each general partner or managing member, and for any owner who has greater than 50% ownership in an affiliate business. Affiliates include, but are not limited to, business parents, subsidiaries, and/or other businesses with common ownership or management. Information needed:
• Names on tax return
• SSN or EIN
• Current name/address
• Previous address if different
• NOTE: WHEN YOU COMPLETE THIS FORM, IT IS EASIER IF YOU HAVE
THE LAST FEDERAL TAX RETURNS AT HAND. 
4.   Schedule of Liabilities [SBA Form 2202] – list all notes, mortgages and accounts payable. Specific information needed:
• Name of Creditor
• Original Amount
• Original Date
• Current Balance
• Current or Delinquent?
• Maturity Date
• Payment Amount [month-year]
• How secured 
5.   Personal Financial Statement [SBA Form 413] information required:
•Assets
• Liabilities
• Income 
6.   Monthly sales [SBA Form 1368] – information needed:
• Monthly sales figures beginning 3 years prior to disaster and
continuing through the most recent month available
• If not in business for 3 years, complete estimate on page 2
• Add narrative as you see needed  

These are the ATTACHMENTS that will be needed:
1.  Complete copies of the most recent Federal Income Tax Return for the applicant [business]
2.  Complete copy, including all schedules, of the most recent Federal income tax return for principals. General partners or managing member, and affiliates.
3.  If the most recent Federal income tax return has not been filed, a year-end profit and loss statement and balance sheet for the year
4.  A current year-to-date profit and loss statement [within 90 days]
5.  Projections [possible]  

Resources: SBA Economic Injury Disaster Loan website: www.disasterloan.sba.gov/ela/MN State SBDC website: www.mn.gov/deed/business/help/sbdc/West Central MN SBDC website: www.westcentralmnsbdc.com 

Don't Let Your Banking Be Disrupted! Citizens Is Here For You!

Our lobbies may be temporarily closed, but we are all still here for you! We have employees working at all of our locations and can see you by appointment. Just give us a call to set one up!

  • New Ulm: 800-549-0194
  • Lafayette: 800-459-7563
  • La Salle: 877-308-9546
  • Lakeville: 952-469-1919

And don’t forget – our drive-up and walk-up services in New Ulm and Lakeville are open with regular hours.

  • New Ulm: Monday – Friday, 7:30 AM – 5:00 PM. Saturday – 8:00 AM – Noon.
  • Lakeville: Monday – Friday, 8:30 AM – 5:00 PM. Saturday – 9:00 AM – Noon.

We have the tools that allow you to bank from home!

Online & Mobile Banking: You can do your banking anytime and from anywhere! Click here to learn more about Online Banking, and here to learn more about Mobile Banking.

ATM Deposits: Our ATMs in New Ulm and Lakeville are very user-friendly and have some great features!

  • Accepts cash AND check deposits
  • Deposits after 2:30 PM will be posted next day
  • Open 24/7!

Telephone Banking: With our CitizensOn-Call Telephone Banking Service, your accounts are accessible anytime, day or night. All you need is a telephone. Click here for more information about this service.

WooHoo! Text Club: Want to stay up-to-date on the latest notices, event information, updates, alerts and announcements from Citizens? Simply text CITIZENSMN to 474747 and fill out the form to opt in!  ZERO spam and NEVER shared! *Message and data rates may apply. Text STOP to cancel at any time.

Please remember: Banks are the safest place to keep your money. We may have temporarily closed our lobbies, but your deposits remain safe at our bank, as does your access to your funds. You can find more information regarding this here.

For the most up-to-date information regarding Citizens and COVID-19, please visit our website at: https://www.citizensmn.bank/ask-us/covid-19-information

Important Information Regarding COVID-19

Effective Tuesday, March 17, 2020, at 4:00 PM, our New Ulm and Lakeville lobbies will be closed until further notice. Admittance will be by appointment only. Drive-up and walk-up services will operate with normal hours.

New Ulm – 800-549-0194

Drive-Up hours: Monday – Friday: 7:30 AM – 5:00 PM. Saturday: 8:00 AM – Noon

Lakeville – 952-469-1919

Drive-Up hours: Monday – Friday: 8:00 AM – 5:00 PM. Saturday: 9:00 AM – Noon.

Lafayette & La Salle offices will have limited lobby services. Please call for an appointment.

Lafayette – 800-459-7563

La Salle – 877-308-9546

Amid ongoing concerns about the Coronavirus COVID-19, Citizens Bank Minnesota is closely monitoring the latest reports from the Centers of Disease Control (CDC) and the Minnesota Department of Health. We wanted to reach out and share a few of the ways we are here to serve you, our customer, during this time.
Putting our Customers First: As always, our focus is the safety and well-being of our customers, employees and the communities we serve. Our thoughts are with those who have been impacted. We stand ready to work with those experiencing financial difficulty as a result, and we are taking the necessary steps to avoid potential disruptions of service to our customers.
Precautions: We are working diligently to take precautionary measures to reduce the spread of the COVID-19 virus. With that in mind, Citizens has enhanced precautions to help promote customer and staff safety:

  1. Consulting our Business Continuity Plan and following pre-planned procedures. Our critical systems and staff that are essential to day-to-day operations are set-up to work remotely and securely in the event on any facility changes. Many non-essential, non-customer facing bank employees are also being asked to work from home.
  2. We are asking customers who desire personal or specific banker services to set up office appointments.
  3. Customers facing financial hardships as a result of COVID-19 should contact us to discuss their individual situation.
  4. Notifying staff that if they have participated in high-risk travel activities in the past seven days or are scheduled for high-risk travel, to communicate with Human Resources to work though necessary precautions.
  5. Canceling all planned staff business travel to non-essential conferences or meetings.

The Citizens Team: We will continue to monitor the situation and take actions to protect our staff while allowing business to be conducted safely at our locations.
To stay up-to-date, enroll in our text club by texting CITIZENSMN to 474747 or visit our Facebook page.
Alternative Banking Options: For your convenience and protection, we encourage you to access your account from home using our digital and telebanking services. We offer Online BankingMobile BankingMobile Deposit, and Telephone Banking. You can also drop off payments in our night deposit boxes.
The United States maintains a world-class payments system. Customers are encouraged to take advantage of their debit and credit cards when making purchases.
Don’t forget – our ATM locations take cash and check deposits.
If you have any questions or concerns, please contact us at 1-800-549-0194 or email us at customerservice@citizensmn.com .

Citizens Bank Minnesota’s 6th annual Race 2 Raise 5K

Join us for our 6th annual Race 2 Raise 5K, where all proceeds go to the American Cancer Society!

  • Saturday, May 16, 2020
  • Race day registration closes at 7:30 AM
  • Race begins at 7:45 AM at Citizens Bank Minnesota, 105 North Minnesota Street, New Ulm – back parking lot.
  • Course will use city streets, sidewalks and the Bike Trail System.
  • Race will end at the Mueller Park parking lot.
  • Professional chip-timing provided by Gopher State Events.
  • Medals will be awarded to the top 3 male and top 3 female finishers in age groups.
  • All paid participants will receive a technical t-shirt if registered by May 4, 2020.
  • Both walkers and runners are welcome – stroller friendly!
  • Post-race refreshments of bottled water, bananas and freezies will be provided.
  • Enjoy a FREE beverage afterwards at the B&L Bar when you show your race bib (valid only on May 16, 2020)
  • Early registration fee: $27 for adults (18+), $20 for students (ages 6-17), children 5 and under are free.
  • Same day registration fee: $32 for adults (18+), $25 for students (ages 6-17).

Questions? Please email Sarah Seifert at sseifert@citizensmn.com 

REGISTER ONLINE AT: www.tempotickets.com/Race2Raise2020 

DOWNLOAD A PAPER REGISTRATION FORM HERE 

To view the 5K ROUTE, click HERE 

Thank you to our sponsors: Citizens Bank Minnesota, Citizens Agency, Century 21 Red Shoe Realty, Anytime Fitness New Ulm, DLC Manufacturing & Fabrication, The Candyman, Schwartz Design Services LLC, B&L Bar

Citizens 2020 Craft Retreat to Benefit “B the Light”

Calling all crafters, scrappers, quilters, jewelry makers and more! Join Citizens 4 Citizens at our annual craft retreat as we “Craft for a Cause”!  All proceeds from this event will benefit “B the Light”. http://bthelight4someone.org

When? Friday, March 27, 2020 from 5 PM – 10 PM and/or Saturday, March 28, 2020 from 9 AM – 9 PM

Where? St. George Parish Center, 63128 388th Lane, New Ulm, MN

Cost? Friday only (includes 1 meal) – $25 Saturday only (includes 2 meals) – $40 Both days (includes 3 meals) – $60

We have special pricing for children! Friday only (includes 1 meal) – $10 Saturday only (includes 2 meals) – $20 Both days (includes 3 meals) – $25

We will also be offering ‘Make and Take’ projects! Etch a wine glass or beer mug for $7, or a set of 4 glasses for $20.  Or if you are interested in home decor, you can make a rustic painted mason jar sconce for $12! 

Visit our website to view and download all the forms for this event! https://www.citizensmn.bank/citizens-way/community-events

Registration deadline is Friday, March 13, 2020.  You can mail registrations with payment to: Citizens Bank Minnesota c/o Stacy Merkel P.O. Box 547 New Ulm, MN 56073

Citizens holds quarterly WooHoo! Workshops to Assist Businesses in the Area

WooHoo! Workshop – Minnesota Wage Theft Law

Citizens Bank Minnesota is supporting community businesses by sponsoring quarterly educational workshops and events that help businesses grow and prosper. 

“We want to be a resource for businesses, to strengthen and fuel their growth and stability.  In our eyes, this will help create jobs, which benefits everyone who lives here,” said Julie Baumgartner, Senior Vice President and Chief Operations Officer for Citizens.  “This is part of our mission as a true community bank.”

WooHoo! Workshops are free to businesses.  Citizens has already hosted several workshops, including topics such as QuickBooks Basics, Minnesota Wage Theft Law, and a Consulting Café, which featured free consultations with specialists from the Small Business Development Center in Mankato.

The workshops are advertised on the bank’s website, http://www.citizensmn.bank, Facebook and LinkedIn pages, and through e-mail to New Ulm Chamber of Commerce members.  Should you wish to be added to our mailing list, contact Kris Wilfahrt at kwilfahrt@citizensmn.com

Citizens looks forward to you joining us at our next WooHoo! Workshop!

WooHoo! Citizens Is The Bank For You!

Where you can you get Ultimate products, service and experience? At Citizens Bank Minnesota of course! We’re the home of “WooHoo! Banking” and we have everything you need in a bank. As you can see from our latest video, we’re pretty sure that if we were you, we’d want to bank with Citizens too!

Ten Complete Leadership Programs at Citizens Bank Minnesota

Citizens Bank Minnesota is pleased to announce that ten staff members have completed the Citizens Leadership Program. The program, which includes Citizens Leadership Academy and Citizens Leadership Course, was developed to grow leadership skills as well as develop personal and professional growth. 

The Citizens Leadership Academy (CLA) is an internal two-year program that was developed to prepare staff to take on leadership roles in the organization as opportunities arise. The Bank looks for individuals who have a commitment to Citizens, and also have a desire to achieve extraordinary accomplishments through a leadership role. In 2019, six completed the program: Nicole Anderson, Joan Forstner, Laura Franta, Judy Hahn, Tanya Hillesheim, and Sarah Seifert.  Anderson, Loan Processor/Administrative Assistant, LaSalle Branch, has 8 years with the Bank; Forstner, Systems Operator/Bookkeeper, has 15 years with the Bank; Franta, Sr. Client Service Representative, has 4 years with the Bank; Hahn, Loan Processor/Administrative Assistant, has 14 years with the Bank; Hillesheim, Loan Processor/Administrative Assistant, has 5 years with the Bank, and Seifert, Digital Marketing Coordinator, has 7 years with the Bank.

2019 Citizens Leadership Academy Graduates:
Tanya Hillesheim, Joan Forstner, Nicole Anderson, Judy Hahn, Laura Franta, Sarah Seifert

The Citizens Leadership Course (CLC) is an internal one-year program that was developed to prepare staff to take on leadership roles within their department as opportunities arise. The Bank looks for individuals who have a commitment to Citizens, and have a desire to take on more responsibilities within their current departments. In 2019, four completed the program: Lori Dummer, Ashley Eckstein, Denise Fischer, and Kay Meinzer. Dummer, Marketing Assistant, has 4 years with the Bank; Eckstein, Systems Operator/Bookkeeper, has 6 years with the Bank; Fischer, Insurance Agent/Administrative Assistant, has 2 ½ years with Citizens Agency; and Meinzer, Personal Banker, has 6 years with the Bank.  

2019 Citizens Leadership Course Graduates:
Denise Fischer, Ashley Eckstein, Kay Meinzer, Lori Dummer

Currently, there are 17 staff members in the Citizens Leadership Academy who will complete their programs at year-end 2020.   

Mark Denn Promoted to President/CEO of Citizens Bank Minnesota

Mark Denn, President/CEO

Citizens Bank Minnesota is pleased to announce the promotion of Mark Denn to President/Chief Executive Officer. Denn joined Citizens, La Salle Branch, in 2000 as the Branch Manager. He is a 1987 graduate of Madelia High School, a 1992 graduate of the University of Minnesota, Morris and a 2003 graduate of the Graduate school of Banking at the University of Wisconsin. In addition to his banking career, Denn operates a corn/soybean farm near Madelia and serves on the Madelia Fire Department.

Dustan Cross, Citizens Board of Directors Chairperson, said in a statement, “The Board of Directors is excited to have Mark take over leadership of Citizens.  With his extensive banking experience and a personal agricultural background, Mark will be able to lead Citizens into the 21st Century with exciting new products and opportunities for its customers while continuing to maintain the integrity and professionalism that has distinguished Citizens throughout its history.”

Citizens has its home office in New Ulm and branch offices in Lafayette, Lakeville and La Salle, with total assets of $430 million.

Lou Geistfeld, President/CEO of Citizens Bank Minnesota Is Retiring After 38 Years Of Service

Lou Geistfeld, President and CEO of Citizens Bank Minnesota, will retire on Tuesday, December 31, 2019 after forty-four years in the banking industry; thirty-eight of those with Citizens.

Geistfeld, a native of Vernon Center, MN, began his career in 1975 as an Assistant Bank Examiner for the Federal Deposit Insurance Corporation and later became a Commissioned Bank Examiner. He joined Citizens in 1981 as an Assistant Vice President and was promoted to President/CEO in 1987. After his retirement from Citizens, he will remain an active member of the Board of Directors where he has served as a Director since August of 1987.

When Geistfeld joined Citizens, the bank had one main location in New Ulm, assets of $44 million and approximately thirty employees. Since becoming President in 1987, Geistfeld has been instrumental in growing the company through the acquisition of an insurance agency and the addition of three branch offices located in Lafayette, LaSalle and Lakeville, MN. Currently at ninety-nine employees, the company has grown to assets of $430 million. Bauer Financial, an independent bank research firm, has consistently rated Citizens a 5-Star financial institution for the past 30 years.

Outside of Citizens, Geistfeld has served the community in many roles through involvement with the City of New Ulm, New Ulm Area Chamber of Commerce, New Ulm Economic Development Corporation, New Ulm Area Community Fund, New Ulm Country Club, Rotary, New Ulm Jr. Baseball Association, Legion Baseball Committee, New Ulm Youth Football, New Ulm Basketball Association, and as a co- founder of the Eagles Baseball and Football Boosters.

Other accomplishments include serving on the Minnesota Bankers Association Board of Directors and the Minnesota Professional Sports Franchise Task Force, as well as being named Banker of the Year by Northwestern Financial Review in 2013.

Dustan Cross, Citizens Board of Directors Chairperson, said in a statement, “For over 35 years, Lou Geistfeld has been the face and soul of Citizens.  He has led the bank through every type of economic environment, and has always maintained safe and sound lending practices, while ensuring that Citizens is a leader in partnering with its customers in making their visions a reality.  He has deservedly gained the respect of his peers, the community and the Bank’s shareholders, directors, and employees through hard work, diligence, and the highest standards of integrity and honesty.  As Citizens moves forward into the 21st Century, his legacy and leadership will be evident in the senior management team that succeeds him; a team that he has fostered and trained for many years.  On behalf of the shareholders and Directors of Citizens, we wish Lou and Jean all the best and thank them for their innumerable contributions to our Bank and our communities.”

Citizens announced in January of 2019, that in anticipation of Geistfeld’s retirement, Mark Denn had been appointed Executive Vice President, and would take on the role of President/Chief Executive Officer beginning January 2, 2020. Denn is a 1987 graduate of Madelia High School, a 1992 graduate of the University of Minnesota, Morris, and a 2003 graduate of the Graduate School of Banking at the University of Wisconsin. He has been the manager of the bank’s office in LaSalle, MN since he started with the bank in 2000.

Lou Geistfeld, said in a statement, “I am grateful for the opportunity provided to me by the Board of Directors and stockholders of Citizens Bank Minnesota to serve as their CEO for the past 32 years. During that time, I have been blessed with the greatest group of dedicated and conscientious bankers that you could ever hope to work with and board directors that would always listen and consider new ideas. I will always be proud of what has been accomplished but more importantly, I am confident that our new management team will continue on the same path and continue to grow and improve Citizens. I am looking forward to retirement and that will be easier to do knowing that I left the bank in such good hands.”An Open House will be held on Friday, January 10, 2020, from 7:00 – 9:00 p.m. at the New Ulm Country Club in New Ulm. All friends, clients and well-wishers are welcome. Citizens would like to thank Lou for his dedicated service throughout the years.

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