Malvern Bank issued the following announcement on May 26.
Malvern Bank has processed 125 loans totaling $9,990,900 under the Small Business Administration’s Paycheck Protection Program (PPP) to help local small businesses support payroll and related costs, saving approximately 1,269 jobs within the southwest Iowa and Omaha-metro region. The average loan size was approximately $80,000 as of May 22. The PPP, which was originally launched on April 3 to address economic challenges caused by the COVID-19 pandemic, provides forgivable, government-guaranteed loans for the nation’s small businesses, which account for roughly 48 percent of the U.S. workforce.
“As relationship bankers, dedicated to this community, we’re doing everything we can to protect the vibrancy of our small businesses, which serve as the economic engines for our local economy,” said Kate McGann, Executive Vice President of Malvern Bank. “I’m so proud of our staff, who have worked around the clock to process these loans and ensure that critical funds were able to get in the hands of those who needed it most. We will continue processing applications until all remaining PPP funds are accounted for.”
In addition to its PPP funding efforts, Malvern Bank continues to help customers during this time. Malvern Bank has been flexible with loan payments by offering loan deferrals and continues to purchase lunches from Mills County restaurants to show local support.
“Community banks stepped in to provide a helping hand to local small businesses—something that they do during both good times and challenging ones,” Independent Community Bankers of America President and CEO Rebeca Romero Rainey said. “Providing more than half of the nation’s small business loans, community banks prioritize the needs of their local customers and communities and quickly adapt and respond during times of crisis. By providing the lion's share of PPP loans, community banks have served an essential role in helping small businesses survive amid COVID-19, while saving countless jobs across our nation.”
According to the SBA summary of loan approvals through May 16, lenders with less than $50 billion in assets accounted for nearly 65 percent of approved loans—totaling 4.3 million—and more than 62 percent of the approved dollar amount—estimated at $513 billion since launch of the PPP. Nationwide, community banks have received an average of nearly 200 loan applications through the program ranging in size from less than $50,000 to more than $500,000, according to a recent ICBA survey.
To learn more about community banks, visit www.banklocally.org.
Original source can be found here.
Alerts Sign-up