What a difference just a few months can make. By now, we are all feeling the impacts of the COVID-19 pandemic. I am not an expert on the subject, and I am going to avoid attempting to imitate one. Instead, I will discuss what I do know.
During these times and all times, The First National Bank in Sioux Falls will put our customer relationships first. We understand that our ag producers have been hit hard. We are committed to helping you get through this volatile time and provide guidance to help restore profitability and ensure long-term viability of your operation(s).
At the time of this writing, FNBSF has processed over $95 million in Paycheck Protection Program (PPP) loans. Many of these were for farm families. This program provides 100% federally guaranteed loans intended to cover payroll for small businesses to keep workers employed during the pandemic. We know that this program in and of itself will not be enough to save all businesses; however, it can certainly bridge the gap. By the time you receive this newsletter, there will be many new details and pieces of information about coronavirus economic relief efforts. If you have any questions, do not hesitate to contact our Ag Banking team for guidance.
Another thing I know is that ag producers are the most resilient people in the world. We will get through this pandemic, much like we’ve gotten through previous crises: through hard work and sheer determination.
The First National Bank Ag Banking team wants to say thank you for all you do to help feed the world. The countless hours spent planting and harvesting the crop and tending to livestock don’t go unnoticed to our Ag team or our entire Bank family. While we may not be able to spend much time face-to-face for a while, please know that your Ag team is still here for you, no matter what you need!
The First National Bank in Sioux Falls has been through very hard times before: The Great Depression, the Farming Crisis of the 1980s, and the financial crisis of 2008. We’ve survived and thrived through all of them, all while deepening and growing our relationships with our customers. This pandemic will certainly change the world we live in, but you can count on one thing that will stay the same: The First National Bank in Sioux Falls will be here as an independent, family-owned bank committed to agriculture.