The firm will set aside approximately $30 million for local businesses
Park Financial Group, Inc., the holding company of three Minnesota-based community banks, has created an emergency loan fund of approximately $30 million to help local businesses impacted by the new coronavirus.
The loans would be generated by Park State Bank to help businesses weather the economic impacts of COVID-19. Park Financial Group is raising additional capital specifically to assist with this local business endeavor.
“Our goal was to mobilize as quickly as we could to set aside significant funds to help those who have seen devastating impacts to their businesses here in our community.” said David Saber, CEO of Park Financial Group and president of Park State Bank. “We are in unprecedented times and the ripple effects of the new coronavirus will continue to wreak havoc on local businesses.”
The emergency loan fund is the primary action in a series of steps Park is taking to help those impacted by the virus, including potential short-term loan deferrals and other alternate payment plans.
Once emergency funds are requested, Park State Bank should be able to get funds approved in a matter of days.