To protect our customers, employees and those in our communities we will now offer drive-up service at our branch offices. To meet in person with a banker, please schedule an appointment online or by calling 888.775.6687.

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Help for Businesses and Non-Profits

We understand the large reaching impact the COVID-19 pandemic is having on our many small businesses and non-profits. As federal and state resources become available, know that we will work to communicate them to you.

Below are valuable resources that offer help to those impacted.

 

Michigan Economic Development Corporation

Michigan’s small businesses negatively impacted by the COVID-19 virus can now apply for the Michigan Small Business Relief Program. The program will provide up to $20 million in grants and loans to provide economic assistance to Michigan’s small businesses. Grants will be administered by 15 local and nonprofit economic development organizations (EDOs) around Michigan.

MEDC Resources

 

West Michigan COVID-19 Coalition

Leaders from Experience Grand Rapids, the Grand Rapids Chamber and The Right Place, Inc. convened the coalition aimed at making critical information more accessible to all area businesses and their employees. This website includes information on:

  • Legislation
  • Best Practices
  • Business Continuity
  • Organizations that can help
  • Employee Resources

West Michigan COVID-19 Business
Coalition

 

SBA Economic Injury Disaster Loan (EIDL)

In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.

The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.

SBA Economic Injury Disaster Loan overview:

  • Loans are direct with the SBA – not through a bank
  • Loans up to $2,000,000
  • 3.75% fixed interest rate on loans to for-profit companies
  • 2.75% fixed interest rate on loans to non-profit companies
  • Up to 30-year term and amortization (determined on case-by-case basis)

Apply for SBA Economic Disaster Loan

 

Paycheck Protection Loan Guide and Checklist

The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities. Starting April 3, 2020, small businesses and sole proprietorships can apply.

Fully Forgiven Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.

Please read all of the following before applying for a Paycheck Protection Loan:

Overview Fact Sheet for Borrowers Guide and Checklist

 

How to I apply for a Paycheck Protection loan with ChoiceOne Bank?

We are currently building out our online application process for ChoiceOne Bank business customers and will notify you when it is ready for applications. All applications for a Paycheck Protection Loan will need to be made using our online application and must contain all the required documents to be processed.

Update 4/3: Due to demand, we are only accepting applications from current ChoiceOne Bank Business customers, other applications will be placed on a waiting list.

To be alerted when the ChoiceOne Bank application is ready, please fill out the below form.

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The link you’ve clicked was provided from an external source because we see opportunity for you. By selecting “yes, continue” below you will be opening a new browser window and leaving our website. Although we’ve carefully reviewed the website prior to creating the link, unfortunately we cannot be responsible for the safety or security of the website.

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What You Will Need Close Warning

Applying is fast and easy. Here’s what you’ll need to have ready:

  1. Your Social Security Number or Individual Tax Identification Number (ITIN)
  2. A US government-issued photo ID (e.g. Driver’s License, Passport, or State)
  3. A credit or debit card to fund your new account
  4. A valid email address

IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial Banks to obtain, verify, and record information that identifies each person who opens an account.

What this means for you:
When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We must also ask to see your driver’s license or other identifying documents.

Online Applications are available for residents of our service area including Kent, Newaygo, Muskegon, Ottawa, Montcalm, Oceana, Osceola, Ionia, Mecosta, Lake, Allegan, and Barry Counties in Michigan.

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