Enterprise Bank & Trust Launches Multiple Loan Relief Programs
To provide relief for customers during the COVID-19 (coronavirus) outbreak, Enterprise Bank & Trust has launched programs to provide temporary relief for those hit hard by the pandemic. The bank has moved some existing programs, such as Enterprise University and client networking, online to continue providing ongoing business education, while avoiding the risks associated with COVID-19. Additionally, in an effort to share best practices with business owners and leaders, they are collecting trends from hundreds of clients on a daily basis to provide immediate insights, actions, and solutions for sharing.
Loan Relief Programs
Enterprise introduced the programs today, focusing on solutions that offer temporary relief for those hit hardest by the pandemic. Relief programs are being offered to impacted clients in all of Enterprise’s markets.
The consumer program focuses on the extreme need for deferment of personal loans resulting from hardship related to the pandemic. Business clients experiencing financial hardship are asked to contact their Relationship Manager or Business Banking Portfolio Manager directly to discuss solutions.
Enterprise is now offering the following relief options:
Consumer Loan Deferral Program: This program allows consumer clients whose loans meet specific “good standing” criteria to request loan payment deferrals. Consumer clients may request a deferral of one consumer loan payment for financial difficulty due to the COVID-19 outbreak.
Consumers who are experiencing significant hardship should visit the Enterprise website where they can find an application and more information about the program. https://www.enterprisebank.com/about/covid-19-update.
Credit Card Program: Consumers and Small Business clients will see a message in an upcoming statement with details regarding the option to defer their next payment.
Small Business Loan Program: This program provides existing Business Banking clients who meet certain criteria the opportunity to obtain a fixed-rate working line of credit up to $25,000. Clients should contact their Business Banking Portfolio Manager for more details.
Commercial Loan Relief Program: Other loan options have been developed to provide relief for those businesses most heavily impacted by the COVID-19 pandemic. Commercial and Business Banking clients are encouraged to work with their Relationship Manager or Business Banking Portfolio Manager to discuss their situation and explore potential solutions that may provide appropriate relief.
In addition, Enterprise is monitoring the development of federal, state and local government-sponsored programs available to small businesses suffering economic injury as a result of COVID-19. Summary updates and links to these programs will be posted on the website as updates are available. Clients are encouraged to consult their Relationship Manager or Business Banking Portfolio Manager for more information.
"That’s why we want to do our part to help address the immediate needs of our customers who are economically vulnerable, not only through loan relief but with education and best practices as well,” Goodman said.
Thought Leadership and Education Resources
Goodman says the leadership team has prioritized continuing to offer Enterprise University courses online, with the understanding of how important it is for business leaders to have continued access to industry experts, at no cost, during this time. In addition, the bank is offering clients virtual networking, crisis communication education, and access to a growing resource catalog of best practices provided by business leaders across the region.
“Many clients are also being presented with opportunities for additional business or to assist their communities and customers. We want to ensure that everyone gets the guidance they need to achieve continued financial success, and it’s not a one-size-fits-all approach,” Goodman said.
Steve Richardson // (314) 691-4856