As the nation recognizes Military Appreciation Month in May, our military men and women should understand the many financial services available to help them get and stay on a firm financial footing.
Exemplary service is what Minnwest Bank is known for, and why we take such pride in serving our customers—particularly the men and women of our nation’s military. For more than a century, community bankers have served our armed forces with distinction by adhering to a high standard in our interactions with its rank and file—whether stationed right here in Minnesota or when duty calls them away from home.
At Minnwest Bank we want to be a resource to service members, veterans and their families, throughout their military career and beyond. Our longstanding ties to the community, knowledge of unique military circumstances and personal credit decision-making serve as a useful guide in determining appropriate products and services to meet the needs of military members, veterans and their families.
Many of our customers take advantage of our bank’s participation in the Department of Veterans Affairs home loan program, for example, to secure attractive rates and generous financing terms towards the purchase or refinance of a home.
Minnwest Bank’s financial services expertise and relationship-based lending model help us serve as trusted advisers in instructing customers on how to maximize these programs. We also help our customers understand how this beneficial program can be used for future home purchases as well as protections under the law, which postpone or suspend financial or civil obligations while serving on active duty.
As a Small Business Administration lender, Minnwest Bank also works with individuals transitioning from military service to civilian life to access special funding for veteran-owned small businesses, veteran entrepreneurship training programs and veteran contracting opportunities offered through the SBA.
And we serve as a resource to help military families plan for retirement as the military migrates from a defined benefit to a Blended Retirement System. The new system, which went into effect Jan. 1, 2018, offers monthly retired pay for life after at least 20 years of service, automatic and matching government contributions to Thrift Savings Plan account, a bonus called continuation pay, and a new lump-sum option at retirement.
At Minnwest Bank, we salute the men and women in uniform and their families for their service to our country during Military Appreciation Month and consider it our honor to serve their banking needs.