3 get $1 million+ bailouts
Barkman, St. Luke, Tabor lead list of at least $12.3 million in forgivable loans
More than 300 Marion County businesses have received a total of at least $12.3 million — probably much more — in forgivable loans to save 1,982 jobs during the COVID-19 pandemic.
Payroll Protection Plan data released Monday by the Small Business Administration and the Treasury Department identified three county businesses as receiving between $1 million and $2 million each.
Barkman Honey and Tabor College of Hillsboro and Hospital District No. 1 of Marion each received the largest forgivable loans.
Businesses do not have to repay PPP loans if they do not lay off workers in response to the pandemic. More esoteric provisions can allow the loans to be forgiven even if some layoffs occurred.
In its loan application, Barkman said its loan would protect 134 jobs. Tabor listed 310 jobs on its application. The hospital district, which runs St. Luke Hospital, listed 143.
Only the hospital district selected a local lender — Central National Bank. Barkman’s loan was written by U.S. Bank; Tabor’s, by Community Banks of Colorado.
Banks processing PPP loans receive from the federal government a processing fee equivalent to 5% of the loan amount, meaning the banks involved made between $50,000 and $100,000 on each of the three large loans.
The government did not release precise amounts of large loans but rather grouped them into categories.
Loans of $350,000 to $1 million were obtained in Marion County by these businesses:
- Hillsboro — Container Services (protecting 72 jobs), Cooperative Grain and Supply (34), Flint Hills Industries (58), Hillsboro Community Hospital (60), Parkside Homes (30), and Salem Homes (47).
- Marion — Western Associates (44).
Central National wrote most of these loans, with the Bank of Hays (a longtime hospital creditor) handling the HCH loan, Emprise Bank handling the Salem loan, and Intrust Bank handling the Co-Op loan.
Forgivable loans of $150,000 to $350,000 were made to these businesses:
- Hillsboro — Circle D Corporation (24 jobs), Hillsboro Hometown Pharmacy (23), and Rod’s Tire & Service (16).
- Marion — Marion Manufacturing (21) and Middlecreek Corp. (15).
Central National again handled most of the loans. Rod’s Tires went with Citizens State Bank, and Marion Manufacturing went to Tampa State Bank instead.
Loans to businesses receiving $150,000 or less were not identified by borrower but were listed by amount.
Exactly 300 Marion County businesses received loans totaling $6.1 million in this category, reportedly protecting a total of 1,467 jobs.
Every community in the county had at least four businesses receiving such loans, which averaged $20,505 per business.
Marion businesses received the most loans (79) and the second highest loan total ($1.7 million). Hillsboro businesses received 73 loans totaling $1.8 million.
Loans to Marion businesses reportedly preserved 277 jobs, while Hillsboro loans reportedly preserved 278.
Surprisingly, Burns was next on the list, with 30 loans totaling $562,006 and saving 30 jobs.
Peabody was fourth with 24 loans totaling $499,295 and saving 81 jobs.
- Tampa — 20 loans, $269,949, 35 jobs.
- Lincolnville — 20 loans, $288,974, 34 jobs.
- Durham — 17 loans, $372,381, 56 jobs.
- Florence — 11 loans, $198,565, 46 jobs.
- Ramona — 10 loans, $114,993, 21 jobs.
- Goessel — 8 loans, $185,436, 34 jobs.
- Lost Springs — 4 loans, $56,911, 12 jobs.
- Lehigh — 4 loans, $60,315, 6 jobs.
The big winner in handling smaller loans in Marion County was Tampa State Bank, with 81 loans totaling $1.7 million.
Citizens State Bank was second with 29 loans totaling $809,001. Central National was third with 39 loans totaling $750,400.
other COUNTY BANKS
- Hillsboro State Bank — 22 loans, $459,878.
- Emprise Bank — 17 loans, $356,550.
- Vintage Bank — 25 loans, $338,784.
- Marion National Bank — 24 loans, $285,087.
- Cottonwood Valley Bank — 3 loans, $41,311.
- 28 out-of-county banks wrote the remaining 63 loans.
Last modified July 8, 2020