COVID-19 Update

April 1, 2020 Update:

Current SBA Disaster Relief Efforts

Together, we are facing a truly unparalleled financial situation. The global Coronavirus pandemic is affecting all of our families, our businesses, our communities, and our way of life. Below is a list of valuable programs that are available to you. Your Highmark Commercial lending team is here to help you and your business through this difficult financial time.

SBA Debt Forgiveness
The stimulus includes $17 billion in funding for a provision to provide immediate relief to small businesses with standard SBA 7(a), 504, or microloans. Under this provision, SBA will cover all loan payments for existing SBA borrowers, including principal, interest, and fees, for six months. This relief will also be available to new borrowers who take out an SBA loan within six months after the President signs the bill. The measure also encourages banks to provide further relief to small business borrowers by allowing them to extend the duration of existing loans beyond existing limits; and enables small business lenders to assist more new and existing borrowers by providing a temporary extension on certain reporting requirements. While SBA borrowers are receiving the six months debt relief, they may apply for a PPP loan that provides capital to keep their employees on the job. The six months of SBA payment relief may not be applied to payments on PPP loans.

The stimulus also includes a permanent fix that allows SBA to waive fees for veterans and their spouses in the 7(a) Express Loan Program, regardless of the President’s budget. Under current law, SBA may only waive fees on 7(a) Express loans to veterans when the President’s budget does not project a cost above zero for the overall 7(a) loan program. Learn More Here.

SBA 7(a) Keeping Employees Paid and Employed Act
The stimulus includes nearly $350 billion in funding for a provision to create a Paycheck Protection Program (PPP) that will provide small businesses and other entities with zero-fee loans of up to $10 million. Up to 8 weeks of average payroll and other costs will be forgiven if the business retains its employees and their salary levels. Principal and interest are deferred for up to a year and all borrower fees are waived.
Proposed new legislation to be passed by House and signed into law, March 30th.
Loan for payroll and debt obligations from March 1st until December 31st, 2020.
Lenders will process the loan as they would a SBA 7a.
100% SBA guarantee until 12/31/20. The loan would then transition to either a 75% or 85% guarantee depending on the initial loan balance.

SBA Express Bridge
The Express Bridge loan program allows SBA Express lenders (Highmark has this delegated authority) to provide expedited financing to small businesses located in declared disaster areas. Express Bridge loans are intended to be interim loans. Businesses use these funds for disaster-related purposes while they apply for and await long-term financing. Terms are as follows:
Processed through your lender at Highmark Credit Union
Maximum loan amount: $25,000
50% SBA Guarantee
Maximum maturity: 7 years
Program expiration date: 09/30/2020

SBA Express Loan
The Express Bridge loan program allows SBA Express lenders (Highmark has this delegated authority) to provide expedited financing to small businesses.
Processed through your lender at Highmark Credit Union
Term loan or lines-of-credit
Maximum term: 10 years
Maximum loan amount: $350,000
50% SBA Guarantee

For further details on the SBA Assistance, please visit the SBA webpage dedicated to Covid-19 Small Business Guidance and Loan Resources.

Contact your Highmark Commercial loan team with questions about any of these provisions. Things are changing very rapidly, and we are doing our best to stay on top of this for you, our members.

Beginning April 6, our call center staff will be available with expanded hours 8 am - 7 pm Monday-Friday to assist you with any questions. Simply call 800.672.6365.

We'd also invite you to enroll in Online Banking.

Thank you,

March 24, 2020 Update:

Dear Members, we have a few more initiatives and relief measures that have been approved that we would like to share with you should you be interested in taking advantage of these offers:

1. Skip-A-Pay

Members may skip payments for up to 90 days in order to deal with the COVID-19 effects such as quarantines, layoffs, or having to care for children.
Members will only be able to apply for one Skip-A-Pay every 30 days based on needs.
Members may apply online or via our Call Center at 1.800.672.6365

2. Extension of the 60 Day 0% Interest Rate with the new Ruby Cash Back VISA Card in order to borrow more, consolidate debt, pay a lower interest rate or get some money back. Again, members may apply online or by calling our Call Center.

3. Finally, we are happy to let you know our updated website, mobile banking and online banking went live yesterday. For ease of remote banking, we would encourage you to get enrolled. Instructions on how to enroll in online banking can be found here.

March 23, 2020 update:

We’re All In It Together.

If you're a Highmark member whose job has been impacted by the COVID-19 pandemic, we're here to help with a special Emergency Cash Loan, and other relief measures. We know that each of you has a unique situation, so we encourage you to reach out to our Call Center or visit our drive-thrus today to discuss any of these measures:

Emergency Cash Loan

Borrow from $500 - $2,000
60 days with no payment
Special low rates (6 month term 3.0% APR*, 9 month term 3.5% APR*, 12 month term 4.0% APR*)
No prepayment penalties or application fees
Easy to apply online at highmarkfcu.com or Call us at 1.800.672.6365
Applications accepted beginning March 23^rd

*APR=Annual Percentage Rate.

Refund of ATM Fees while lobbies are closed (cap $20 per account/month)

Increase on ATM daily limits

Skip-A-Pay

Waive Penalty Fees for early Certificate of Deposit (CD) withdrawals

While our lobbies are closed during the quarantine time, please know if you need access to your funds within any certificates you hold with Highmark Credit Union, you may request a withdrawal from these certificates without penalty to help with any expenses during this time. Members should contact a Call Center Representative to assist them with a withdrawal/transfer of these funds to their checking or savings account.

One time 30 day rate drop on new money loans between now and next rate change

Rates are changing quickly and it is a volatile market. We don’t want this to prevent you from getting the money you need now. We will be offering a one-time rate drop allowed per loan financed at Highmark once the new rates are posted! You will be able to take advantage of the lower rates and still finance your loan with Highmark today!

In addition to deferral options, if you own a small business, our SBA lenders can help you navigate disaster relief options that may also be available to you through the U.S. Small Business Administration. The best solution for you may be a combination of Bank assistance and SBA relief.

While we have closed our lobbies to help prevent the spread of the Coronavirus, all Drive-Thrus will remain open for now and our ATMs are operational.

For assistance during this closure, please utilize the following:

· Call Center: Call 1.800.672.6365

· Online Banking or Mobile banking (download our new mobile app “Highmark Credit Union”)

During this time, we are expanding our call center in order to better help you with any of your needs and these electronic services.

Take care of yourselves and each other, and let us know if there is anything we can do to help you.

March 19, 2020 Update:

The safety and well-being of our members and Highmark team is our top priority and continues to guide our decisions in these turbulent times.

Beginning Friday morning, March 20th, we will be closing the lobbies of all our branches. Our mobile/online services and our call center are fully staffed and completely capable of providing all your banking needs. The drive-thrus and ATMs are open. And you always have access to shared banking at our coop branches nationwide.

During this time, we are expanding our call center in order to better help you with any of your needs and these electronic services.

All of our online services can be accessed on our website: www.highmarkfcu.com. Please note that the look and feel of this website will be changing March 23, another improvement that we have been working on for some time.

We will continue to update you with any changes and please call us if you have any questions. Our call center can be reached at 800.672.6365.

Thank you for your business, your understanding, and your patience. We are here for you.

You can count on us at times like this, especially if you need our help. That’s what credit unions are all about. People helping people. It’s our philosophy and it’s why we exist.

We also want you to know that you can access your funds and conduct business virtually anywhere, anytime with our mobile app or online banking.

The Centers For Disease Control and Prevention (CDC) is advising the public to stay home when sick, and avoid close contact with people who are sick. For these reasons, we ask that if you are sick and need to visit a branch, then please use the drive up instead of the lobby. If you’re not sick, you can avoid potential contact with people who may be sick by considering alternatives to visiting our branches at this time.

Here are a few suggestions:

Use Online Banking. It’s a free and easy way to check your balances, transfer funds, make loan payments, and more, from your desktop or mobile device 24 hours a day. With our mobile app, you can even electronically deposit checks. If you don’t yet have Online Banking, please give us a call at 1.800.672.6365
Use our ATMs. We have ATMs located in Rapid City, Custer, and Spearfish, where you can withdraw cash, transfer funds, or make loan payments. Transactions are posted the following business day. We’re also a member of the Co-Op Network, which allows you surcharge-free access to nearly 30,000 ATMs nationwide.
Call us at 605-716-4444 Monday-Friday 9:00 AM – 5:00 PM. Our Call Center can handle almost any banking need, or transfer you to someone who can.
Use our night drops. Each branch contains a night drop where you can make your deposit. It will post the following business day.
Also on the recommendation of the CDC, members who have traveled to Italy, S. Korea, Iran, China, and Japan are discouraged from visiting any credit union branch for 14 days after their return from these countries or until the CDC lowers their travel risk assessment to an acceptable level. These countries are identified as currently having Level 3 and Level 2 travel restrictions by the CDC.
We appreciate your cooperation as we do our part to keep our staff, members, and communities as safe and healthy as possible during this time.

Keep yourself and your family safe with these preventative measures from the Centers for Disease Control and Prevention:

Wash your hands often, with soap and water for a minimum of 20 seconds.
When possible, avoid shaking hands.
Use hand sanitizer containing at least 60% alcohol.
Avoid touching your eyes, nose, and mouth.
Cover coughs and sneezes with a tissue or the inside of your elbow.
Clean frequently touched objects and surfaces regularly.
Avoid contact with people who are sick.
Stay home when you are sick.

Finally, there are some people and companies taking advantage of fears surrounding the spread of the virus. Do not let fear cloud your judgment when accessing links from emails and social media.

Read these tips to protect yourself from scams.