Banks helping small businessses with financial woes during virus outbreak

Banks helping small businessses with financial woes during virus outbreak

D’IBERVILLE, Miss. (WLOX) - As coronavirus pandemic leaves small business owners worried about their financial stability, banks are taking steps to offer assistance.

The American Bankers Association says help will vary on a case-by-case basis, but help is available to business owners.

Actions include fee waivers and deferred payments for credit cards, mortgages, and various loans.

“I was concerned about the spreading of the virus or being unable to work or unable to help others because of the limitations. That and being unable to pay our bills," said Dr. Bernard Keenum with Southern Regional Chiropractic Center in D’Iberville.

Keenum said a branch manager with his bank - Community Bank - called this week to check on his business and see how it was doing during this time of financial uncertainty. After the conversation, Keenum was able to have his business loan payments suspended for 90 days.

“It’s good that they’re keeping us up to par with all the changes, because if they would have never called us, we’d continue making our payments and we’re not bringing the money in as we [were] before," he said. "It doesn’t matter if it’s medical or if it’s construction or if it’s restaurants, they’re able to reach out and help.”

Community Bank has a coronavirus response page online, which offers updates to account holders and links to federal resources.

Small business owners in all 50 states are eligible to apply for low-interest federal disaster loans at SBA.gov.

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