Detroit-based TCF Bank is accepting a second round of applications for the Paycheck Protection Program loans following the initial phase of the program, which resulted in more than 16,000 loans approved by the Small Business Administration, including more than 3,000 from new customers.
Beyond the federal loan program, TCF is offering loan modifications, hazard pay for employees, and grants to community food banks in response to the COVID-19 pandemic.
“In every state where we’re fortunate enough to serve, we mobilized our teams to protect the health and economic welfare of our customers, our communities, and our employees,” says Gary Torgow, executive chairman of TCF Bank.
“We’re proud of our work to plug local businesses into the federal PPP pipeline, but that’s just one aspect of our mission to help people weather the pandemic in places like Minneapolis, Chicago, Grand Rapids, Detroit, and mid-Michigan.”
In both rounds of the PPP, more than 16,000 businesses secured SBA approval through TCF for $2 billion in potential funding, according to Craig Dahl, CEO. Of that, $1.8 billion in loans already has been paid out by TCF to small businesses. In Michigan, TCF secured SBA approval for nearly 9,000 businesses for a total of $1.3 billion in potential funding.
TCF reached out to its business customers to offer commercial loan modifications, deferments, and restructuring during the COVID-19 pandemic. To date, it has modified loans for 8,500 TCF business customers. TCF worked with Wayne County to support businesses with a $10 million program offering low-cost, short-term loans to the hardest-hit small businesses. The program has delivered more than 200 applications with nearly $4 million in approved loans.
For individual customers, TCF launched a COVID-19 hardship program for people struggling to make loan payments and in need of deferrals and forbearances. Following state-level stay at home orders and other federal guidelines, TCF suspended all mortgage foreclosure actions and granted payment relief to more than 8,000 home loan customers with about $1 billion in balances.
TCF provided hazard pay to front-line employees, including 2,900 team members in its banking and operations centers. In April and May, hourly workers received a $3 per hour increase while all others received a $1,000 bonus. Thousands of team members are working from home, and TCF’s banking and operation centers are undergoing enhanced monitoring, reporting, and cleaning procedures.
When the pandemic struck, the company matched donations for Henry Ford Health System and M-Health Fairview COVID-19 Emergency Needs Fund in Minnesota. TCF sponsored antibody testing with Hatzalah of Michigan to identify plasma donors.
Other pandemic related giving includes Detroit Public Schools Foundation’s Connected Futures program; the city of Detroit Transportation Fund; the Michigan Ecumenical Community; the Council of Baptist Pastors of Detroit and Vicinity; the Minnesota Disaster Recovery Funds; Forgotten Harvest; the Right Place Economic Development Corp.; Greater Chicago Food Depository; Gladwin County EDC; Middle Michigan Development Corp.; NAACP Detroit Chapter and local churches; PPE, food, and toys to senior life facilities and disadvantaged families; Say Detroit; and the Judson Center.
In 2019, TCF and Chemical Bank merged, forming a bank with more than $49 billion in combined assets. Construction of its new Detroit headquarters is underway. TCF has about 500 branches primarily located in Michigan, Illinois, and Minnesota with additional locations in Colorado, Ohio, South Dakota, and Wisconsin. It conducts business across all 50 states and Canada through its lending and leasing businesses.