Area banks announce COVID-19 financial relief policies
Financial institutions across the Rockford region are offering help to those who may be a little short on the payments due to the Coronavirus crisis.
"We know our customers very well. We know their business. We work with them closely before this period of time. We will work with them now and work with them when it's passed," President of Northwest Bank in Rockford Tom Walsh said.
Employees are without work, and bills are unpaid because businesses and restaurants have closed due to COVID-19. Financial institutions like Illinois Bank and Trust are offering new options like skipping credit card payments to help customers.
"Hopefully in a very stressful environment that this will be one part of their stressful life on the financial side that might give them a little relief," CEO of Illinois Bank and Trust Jeffery Hultman said.
Northwest bank in Rockford is evaluating small businesses using a case by case approach, Walsh says the most important thing is keeping people employed.
"Even if their business is only marginally or impacted in a small way it can always provide them with more flexibility,” Walsh said. “Obviously the goal of all these programs is to keep as many people working as possible."
These financial institutions rely on the public, and say they want to help.
"At the end of the day we're a community bank so we'll do as well as our community does, and we'll do as well as our customers do," Hultman said.