First Interstate Bank continues its community-centric approach

by First Interstate Bank

For more than 50 years, First Interstate Bank has anchored its service model in not only doing what’s right for clients, but in enriching the lives and experiences of those in our community. Whether through business development or philanthropy, First Intestate continues to distinguish itself as a financial innovator.

This assistance has most recently taken shape in the form of Paycheck Protection Program (PPP) outreach. As of May 1, First Interstate received Small Business Administration (SBA) approval for 10,040 loans totaling $ 1.15 billion for small businesses in Idaho, Montana, Oregon, South Dakota, Washington, and Wyoming. The average loan size is $ 114,000, meaning the money is truly going to support local companies that need help during this difficult time. Ninety-nine percent of the loans are for less than $ 2 million.

Created through the Coronavirus, Aid, Relief, and Economic Security (CARES) Act, the PPP provides businesses with fewer than 500 employees with a two-year loan to cover payroll costs and other business expenses.

“Small businesses are the heart of our communities,” said Shawn Rost, First Interstate Bank Market President. “As a community bank, we’ve been helping local businesses and clients for more than 50 years—it’s what we do. These loans mean businesses can stay in operation, their employees will keep getting a paycheck, and local economies and communities stay strong.”

As an SBA-certified lender, First Interstate bankers know the ins and outs of the SBA application process. Since the CARES Act was signed on Friday, March 27, First Interstate bankers have worked day and night—and through weekends—to process these applications. When the Bank received notice from the SBA that funding was running out, bankers pulled an all-nighter to ensure as many applications as possible were guaranteed funds.

“As an essential business, this was our opportunity to step up, put in extra hours, and be there when our clients needed us most,” Rost said.

Another impactful business move relates to First Interstate’s stance on the minimum wage. Many businesses tie their minimum wage to the federal minimum wage (currently $ 7.25 an hour), while others designate their own minimum wages. First Interstate recognizes the need to pay a living wage, and to that extent, increased its minimum wage to $ 15 per hour in February 2020. First Interstate has held to this standard, even amid constraints related to COVID-19.

“We recognize that when employees feel valued, their work reflects it,” Rost said. “Adopting a living wage supports our employees, which in turn, strengthens our communities.”

Speaking of community support, First Interstate has proudly donated more than $ 850,000 to communities across its six-state footprint this year (approximately $ 380,000 of those dollars specific to Coronavirus-related outreach).

“Our neighbors in need continue to express gratitude as we offer support,” Rost said. “We’re proud to wear the moniker as ‘The Bank that Cares’,” he said.