Where you bank matters. Just ask the Wall Street Journal and Jim Cramer of Mad Money on CNBC, who recently touted the way community banks were able to prove their value through their success assisting small businesses with the Paycheck Protection Program.
The Paycheck Protection Program, or PPP, was put in place to provide assistance to small businesses, offering a forgivable loan if the business retains its employees for eight weeks and the funds are used for payroll, rent, mortgage, mortgage interest, and utilities.
According to the Treasury Department and Small Business Administrations, banks with $1billion or less in assets account for just 6% of all US banking assets. However, in the first round of the PPP, these small banks (along with other small specialty lenders) were able to approve 20% of all loan dollars coming from the first round of the program.
“The Park Bank team mobilized to take and process applications as soon as the first round of PPP funds were available, working evenings, weekends, and holidays to meet the needs of our clients,” says Josh Marron, Senior Vice President – Chief Banking Officer.
Marron points out that “The success of the community banks like Park Bank was a direct result of our bankers knowing our business clients, directly meeting their needs, and recognizing that their livelihood is truly the bank’s livelihood.” Businesses in our community have done tremendous things to alter their delivery model and change the way they do business, and we are proud to play a role in their continued success.
Park Bank has supported the Dane County business community through challenging times before, and this time is no different. Through the PPP, Park Bank was able to approve nearly 600 loans totally over $107 million. These funds will go to small businesses in our community, helping nearly 13,000 employees.
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