• WomaninCallCenter
  • FemaleAfricanAmericandoctorsmilingstandingwithyourarmscrossed
  • ThinkstockPhotos-81265960
  • ThinkstockPhotos-163642640
  • FemaleLatinBusinessownersmilin
  • shutterstock_128200763
  • shutterstock_1119594116
  • shutterstock_1225237672
  • 478160641
  • LatinAmericanmansittingwithatabletsmiling
  • Importantupdates
  • AsmilingLatinAmericanwomanissmilingwithherarmsfolded
  • BusinessWomensittinginlobbylookingatatablet
  • AfricanAmericansmilingwomanwithshoppingbagsacoffeeandtalkingonthephone
  • AfricanAmericanFemalestandinginagreysuit
  • AfricanAmericanbusinessmaninchairsmiling
  • ThinkstockPhotos-508320316
  • KasasaCashBackAyoungwomansitsonthegroundlisteningtomusicfreeofworrywithherKasasaCashBackaccount
  • ThinkstockPhotos-505015490
  • ManinacoffeeshopsmilingonhisphoneIndustrialhelpsbusinessownersbankonthego

We know our local community is already feeling the impact of the COVID-19 outbreak. This is an unprecedented situation, and by offering these financial assistance programs as quickly as possible, we hope it eases some of the financial stress and burden our customers may face.

Financial Tips

Share Facts about COVID-19

To protect yourself and others remember to wash your hands.

DISB warns consumers Beware of Real Estate Wire Scams. Protect yourself. Read More

Be suspicious of unsolicited e-mails asking you to click on a link, download an attachment, or provide account information.

If the web address starts with "https://" this means your information is encrypted on the site.

Use the strongest method available to log into financial accounts, especially for high-risk transactions.

Install software that protects against malware, or malicious software, which can access a computer system without your consent to steal passwords or account numbers.

Financial aid can be a key component in paying for college. Learn more about how to compare financing options

Should you use your extra money to pay down debt or put into an investment? Explore how your rate of return could compare to your cost of debt, taking taxes into account.

It’s never too early to think about your retirement. Develop a strategy to meet your retirement savings goals.

Financial Tips in the Aftermath of the Federal Government Shutdown

Small Business & Commercial Relief Programs

 

As a result of COVID-19 and its impact on the business community, Industrial Bank has developed several programs to support existing business clients with a goal of helping your business thrive in the face of an ever-changing environment. Please note that the deferral program is only existing Industrial Bank  loan customers.  The following information will outline the various relief options that are available to Industrial Bank customers.

1.   INDUSTRIAL BANK PAYMENT DEFERRAL PROGRAM - This program involves a payment deferral request that customers may be eligible for if their existing commercial loan account is in good standing. The Bank is offering deferred payments for up to 120 days (with the possibility for an additional 60-days) for qualified borrowers. f you are in need of this program, please complete the COMMERCIAL DEFERRAL APPLICATIONOnce your application has been submitted, your Industrial Bank Relationship Manager will call you with further instructions. 

We believe in close communication in times like these and will be reaching out as needed to see how your business is weathering the economic environment.  We also encourage you to contact your Relationship Manager to discuss how COVID-19 is directly impacting your business’ ability to sustain operations, as well as preventing you from making scheduled payments.

2.   PAYCHECK PROTECTION PROGRAM –  Paycheck Protection Program (PPP) is a federal relief program established by Congress and implemented by the U.S. Treasury Department and the SBA with rules, requirements, protocols and processes that all participating banks, including Industrial Bank, must follow.  In order to ensure an orderly flow of these government-provided funds, we will follow the intent of the U.S. Treasury guidance, including what has been posted at the U.S. Treasury website, that businesses that plan to apply should do so with their current business loan provider.   A client’s pre-existing lending relationship with us may include small business, commercial or corporate credit cards, conventional business loan or lease, business lines of credit, and asset-based loans.  This is the best and fastest method for applying for federal relief, based on the U.S. Treasury requirements and guidance.  All applications, information and correspondence about the Paycheck Protection Program at Industrial Bank will occur online and through email, including the application process, submission of required documents, and follow up correspondence. IF THE BUSINESS FAILS TO SUBMIT ALL THE DOCUMENTATION REQUIRED THE APPLICATION WILL BE CONSIDERED INCOMPLETE AND WILL NOT BE SUBMITTED FOR PROCESSING. Below is a high level overview of the program:

 a.   SBA loans under Section 1102 of the CARES Act (sometimes referred to as "7(a) Loans") which are eligible for the PPP program are available to employers with less than 500 employees. Such loans will be handled through the Bank and guaranteed 100% by the SBA.
b.   A tax-exempt nonprofit organization described in section 501(c)(3) of the Internal Revenue Code (IRC) is eligible for the PPP program, which includes faith based institutionsPlease see the SBA Faith Based FAQ for details
c.    Loan AmountHistoric payroll information is used to calculate the loan amount and this is supposed to be based on the average monthly payroll expenses for a 12 month period multiplied by 2.5.  Projected payroll expenses are not eligible to be considered.  The loan can be used to support payroll, salaries, wages, rent, utilities, etc. and some or all of the loan has the potential to be forgiven but there are strict documentation requirements that have to be met and must be submitted by the Borrower after an 8 week period, the Lender reviews and validates the information and determines the forgivable amount. Please note that at a minimum, for the PPP loan to be considered forgivable 75% of the PPP loan MUST be used to support payroll costs, limiting non-payroll costs to 25%.  This 75% minimum was set to achieve the CARE Act’s overarching goal of keeping workers paid and employed.
d.   Term – the loan is for 2 years
e.   Interest Rate – fixed at 1.00%, payments are deferred for the first 6 months but interest will accrue during this time
f.     Please see the PPP Fact Sheet and the PPP Overview for additional details.

APPLY HERE. Also, please review the Industrial Bank PPP Calculation Worksheet. The PPP  Calculation worksheet should be used to determine the maximum amount of the loan available for your business based on the parameters outlined under the program. 

NOTE IF THE BUSINESS FAILS TO SUBMIT ALL THE DOCUMENTATION REQUIRED THE APPLICATION WILL BE CONSIDERED INCOMPLETE AND WILL NOT BE SUBMITTED FOR PROCESSING.  IN ESSENCE, YOUR APPLICATION WILL BE REMOVED FROM THE PROCESSING QUEUE AND WILL ONLY BE PLACED BACK INTO THE QUEUE ONCE THE REQUIRED DOCUMENTATION HAS BEEN PROVIDED.  BEING REMOVED FROM THE WORKFLOW QUEUE WILL POTENTIALLY RESULT IN THE BANK NOT BEING ABLE TO FUND YOUR REQUEST DUE TO LIMITED RESOURCES UNDER THE PROGRAM. THEREFORE PLEASE THOROUGHLY REVIEW THE CHECKLIST AND PROVIDE THE INFORMATION BASED ON THE GUIDANCE. IF YOU HAVE ANY QUESTIONS PLEASE CONTACT THE BANK AT PPPapplications@industrial-bank.com 

3.   Payment Relief for Current SBA Borrowers – this was included in the CARES Act whereby SBA will be paying 6 months of principal and interest payments on all SBA loans that are in “regular servicing status” meaning they are not past due.  Please note that SBA will be making principal and interest payments; however, they will not be paying for any additional expenses above and beyond that.  The guidance has directed Lenders to discontinue collecting any payments after March 27, 2020 and SBA will begin making payments within 30 days thereafter.

4.   SBA Disaster Loans (also known as Economic Injury Disaster Loans (EIDL):  This is a loan between the borrower and the SBA and Industrial Bank is NOT involved.  The EIDL loans are available to businesses affected by the COVID-19 disaster and are available directly through SBA.  Industrial Bank does not facilitate submission to this program or coordinate funding.  For additional information, please visit https://www.sba.gov/disaster-assistance/coronavirus-covid-19 

a.   New information was just released that the SBA is now offering up to $10,000 immediate cash advance on applications that are submitted, to apply, please visit:  https://covid19relief.sba.gov/#/ 

b.   Free assistance for the Disaster loan application is available through local SCORE and SBDC offices

For additional resources including grants and loan programs for small business, please visit the following:

US Small Business Administration (SBA):

Just a note, the customer services I received today was outstanding, knowledgeable, patient, professional and simply helpful. Mrs. Tekel is an asset.

Norman R. Hodges
Owner of 4c Mobile Services

From out first interaction 9 years ago until today, everyone and I do mean everyone, has always gone above and beyond to make our customer experience the best it could be.

Salvatore Speziale
Ciao Osteria Italian Restaurant

Thank you to Industrial Bank for helping the black church throughout your entire 80 years. Thank you for how you empower the community.

Rev. Dr. G. Browning
Pastor of Ebenezer AME Church

Industrial has made a big difference in the African American community. So many people depend on it. I’m so proud of them and all they do.

V. Ali
Co-owner of the popular DC eatery Ben’s Chili Bowl

They are very straightforward without the gimmicks and hidden fees. The Business/Non-profit account fees they do have are the lowest, especially in the DC Metro area. I love this bank and can't believe I had not tried them sooner.

Tariq

So neat to just learn that this bank still exists and to know that it has existed for 80 years. I know that it was right down the street from me when I was a child now I am 61! :-)

Gaye Bri Moore

With my new job, I will be depositing my coins into a Black Owned bank (@BankIndustrial). Goodbye, Bank of America.

D. Gambrell @DcsMediaDiva

As a millennial I'm proud to be a part of @BankIndustrial. -@savantmusa


Another awesome experience at @BankIndustrial. I discussed the need for an internship for students with them. Gotta look out for the youth.

M. Hughes

We are moving our resources to a Black bank @BankIndustrial in DC that is investing & helping our community. @revtonylee #ReachWithUs - ABFE @ABFE


Our commitment has only grown stronger though the years, and we stand poised to bring our unwavering commitment of delivering convenient, personalized, high-quality products to the communities we serve.

B. Doyle Mitchell, Jr.
President/CEO of Industrial Bank

Banking with Industrial has been easy. My banker at the Oxon Hill banking center helped me establish a Student Checking account, so now I can bank on the go.

C. Johnson
College Student

Industrial helped me make my small business more successful. I received an SBA-expedited loan and merchant services, and I get fantastic service.

M. Luiz
Small Business Owner

I never knew helping my customers could be so easy! Industrial offers mortgage products and friendly service to help first-time home buyers, with no down payment!

J. Smith
Realtor

Bank When You Want, Where You Want

Restrictions may apply when outside of the USA or Canada.

Information

Notaries

Visit these banking centers to get your documents notarized today.

Apr 2, 2020, 15:35 PM

Information

Fraud is on the Rise

YOU must monitor your account. Be advised you have 60 days to report Fraud.

Apr 2, 2020, 15:31 PM

New Product

CardControl

Freeze your debit card, control your spending, and set up alerts.

Mar 20, 2020, 17:05 PM

Financial Education

Financial Education

Do you know the basics of Money Management? Learn more

Mar 28, 2019, 18:03 PM

Important

Banking Virtually

Help Us Stop the Spread of Respiratory Illnesses Including COVID-19

Oct 29, 2018, 18:39 PM

Information

Frequently Called Numbers

Essential information for Industrial Bank account holders.

Aug 5, 2018, 18:58 PM
Image of Industrial Bank home stress ball

Mortgage

Ready to apply for your new home?

One step closer to owning your home, in as little as 20 minutes. Start now!

Aug 5, 2018, 18:52 PM

Current Rates

Check out Industrial Rates

Click here to see Industrial's competitive rates for this month

Aug 5, 2018, 18:50 PM

ATM Finder

Allpoint Surcharge-Free ATM Finder

Bank surcharge-free at more than 55,000 locations.

Nov 10, 2015, 10:20 AM

Deluxe

Need to Reorder Checks?

Click here to reorder checks.

Nov 10, 2015, 10:09 AM

Mortgage

My Servicer Account

Get information regarding your IB mortgage, make payments online and more.

Oct 20, 2015, 02:05 AM

Join Our Mailing List!

Industrial Bank does not share your contact information with any third-party vendors.