SNBT Originates 50.5 Million in PPP Loans
April 21, 2021For many businesses, the repercussions of the pandemic are still a heavy burden. When the second round of funds became available through the Paycheck Protection Program (PPP), The Stephenson National Bank & Trust (SNBT) took a proactive approach to helping community businesses. The lending team, experienced from years of Small Business Administration (SBA) lending and knowledge gained from the first round of PPP loans, spoke with area business owners to allow them to remain financially healthy through these unprecedented times.
Throughout the pandemic, SNBT business lenders have put in countless hours to ensure regional small businesses received the assistance needed and deserved. The lending team worked tirelessly to make sure roughly 730 SBA loan applications, totaling $50.5 million, were originated and funded through both rounds of the Paycheck Protection Program. Through this program, SNBT was able to help support the jobs of roughly 8,000 local employees.
“We truly value our partnerships with our customers,” said Charlie Cappaert, SNBT Senior Vice President, Chief Lending Officer. “We’re committed to doing whatever we can to help minimize any negative financial impact this pandemic may have on businesses and consumers. Our customers are at the heart of everything we do,” continued Cappaert. “This is our opportunity to thank them and let them know that we stand behind them during the tough times,” he concluded.
Tim Murray, a local restaurant owner and business customer, felt the impact of the pandemic on his business during the government lockdown. “When the lockdown occurred, I received a call from my banker at SNBT right away. That moment stuck with me, this was even before the PPP program started, and they were already coming up with ways to help my business stay afloat. I knew they would be there for me, and it was such a nice thing to hear. PPP basically saved my business because we were severely hit and it would’ve taken all of my savings to keep it running. It was such a relief to know I could call my business lender anytime, and they did a great job of making sure the process was streamlined and efficient.”
Throughout the pandemic situation, SNBT has been focused on making an impact on the entire community through a variety of methods.