As the country’s leading small-business lenders, community banks were critical to the Paycheck Protection Program’s (PPP) success throughout the COVID-19 pandemic. According to the Small Business Administration (SBA), community banks funded 60 percent of total PPP loans offered to millions of small businesses.
It was the quick action by community banks, such as Centrust Bank, during the initial days of this program, which enabled PPP funds to reach small businesses in their hour of need.
At the onset of the PPP roll-out, all lenders had minimal guidance and liquidity to be able to fund the loan demand to eligible small businesses.
“There were so many unknowns regarding the forgiveness process or how the recession would proceed. Despite the unknowns, the Centrust Bank team rallied to ensure all our willing small business clients were guided quickly through the application process to receive assistance. We knew our role and high-touch approach was critical,” expressed Gerard Buccino, CEO, Centrust Bank.
Beyond PPP loans, the SBA offers various business lending programs such as COVID-19 EIDL loans (applications closed as of 12/31/21, however appeals or increase applications for existing EIDL borrowers are available for two years post-funding for up to $2M). In addition to COVID-19 relief programs, traditional SBA programs are available.
“The SBA is a great lending source for organizations with various loan programs to address needs such as business acquisition, commercial real estate and working capital. It’s important that business owners know their options, so the best program can be customized to fit their business needs,” shared Thomas J. Meyer, Senior Vice President of SBA Lending, Centrust Bank.
For businesses interested in learning if an SBA loan may be right for them, potential borrowers can be pre-qualified within minutes at SBAQuickLoan.com, or contact Centrust Bank (www.centrustbank.com).
Source data: Small Business Administration