Gate City giving in Minot totaled $20,000 amid pandemic
Gate City Bank donated funds and volunteer hours to 31 organizations in Minot, despite the COVID-19 pandemic of the past year.
The bank donated about $20,000 toward community efforts. The bank also donated more than 30,000 of its blue tote bags to students transferring home-learning materials. It also gave away 25,000 hand sanitizers and 63,000 face masks.
Whether it was delivering pizza to heroic health care workers, displaying #WorldOfHearts support in windows or supporting local businesses by purchasing gift cards and distributing them to its team members, Gate City Bank has sought to show support during the pandemic.
“Gate City Bank truly appreciates the people of Minot. They make this community strong,” said Ellen Knutson, vice president of Retail Banking. “We’ve been proud to stand with community members, businesses and nonprofits during the past year, helping them create a better way of life, even during COVID-19.”
In 2020, North Dakota processed more Paycheck Protection Program loans than any other state, and Gate City Bank processed more loans than any other bank in the state (loans under $150,000), helping over 2,100 businesses in more than 250 industries. This resulted in a $74 million overall impact.
The Small Business Administration loan program was established as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. It provides small businesses with the resources they need to maintain payroll, hire back employees who may have been laid off and cover applicable overhead.
Gate City also helped customers with personal loans totaling more than $1 million. The bank’s BetterLife Loan, for example, provided access to emergency funds for customers who suffered a job loss or a significant income-related event. The bank helped over 400 people with this program alone, making a $1.3 million impact overall throughout the year.
The bank also offered loan deferrals for those whose livelihood was heavily impacted by COVID-19. It processed more than 6,700 loan extensions for customers.