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CARES Act Outreach Program

MidFirst Bank - Oklahoma City, Oklahoma

2021 Community Commitment Awards Submission

  • Entry Category: Financial Education
  • Asset Size: Medium

The historic challenges of 2020 prompted a financial education need far beyond the ABCs of budgeting as financially capable consumers and small business owners suddenly found themselves in unchartered financial territory. Paycheck Protection Plan (PPP) loan applications, consumer stimulus payments, mortgage payment relief and a heightened risk of opportunistic fraud scams created an entirely new audience in need of financial education, and amplified the existing need of basic financial education.

With those needs compounded by stay-at-home mandates, MidFirst swiftly developed our CARES Act Outreach Program, an electronic and virtual customer education outreach effort to proactively respond to customers’ needs for ever-changing information and guidance. MidFirst’s Crisis Communication Team executed their mission to provide clear and timely communication to inform and guide customers in receiving much-needed PPP loans, stimulus payments, and to avoid the onslaught of fraudsters taking advantage of the fear and uncertainty caused by the pandemic. The team worked tirelessly, sending out up-to-the-minute communications regarding ever-changing news and legislation to calm and inform anxious customers.

As a result, we helped 11,000 small businesses, many of whom were lost in the process, secure crucial PPP loan funding, supported teachers and organizations struggling to provide financial education in a virtual environment, helped consumers avoid becoming victims of fraud, and provided much-needed peace of mind during a time of unprecedented uncertainty.