Firms get $8 million infusion
Bids for forgivable loans still trickling in
Small businesses in the county have received more than $8,127,888 in forgivable loans to help with costs after stay-at-home orders were issued because of COVID-19.
Early demand from small businesses for the Paycheck Protection Program loans through the Small Business Administration was intense, but demand for a second round has been slower, county bankers say.
The loans are designed to cover expenses related to keeping employees working.
Central National Bank in Marion and Hillsboro processed 50 loans that yielded $5 million, said Todd Heitschmidt, president of the Marion bank.
Tampa State Bank helped businesses get 84 loans totaling $2 million.
Jessie Wiebe, president of Hillsboro State Bank, said 25 loans totaling $625,000 were processed through HSB.
Ryan Edmundson, vice president of Marion National Bank, said his bank had successfully processed 24 loans, yielding $264,888.
“At this point in time things have kind of slowed down because the people who knew about it have gotten them,” Edmundson said. “We have had some stragglers that are coming in even now.”
Edmundson said banks struggled with changing rules during the first wave of applications.
“The entire process has been a moving target,” he said. “It seems like every time we turn around they’re adding rules or changing rules or removing rules.”
Vintage Bank Kansas facilitated 19 loans that brought $238,000 to county businesses, vice president Hannah Bourbon said.
Loan program rules previously required that proceeds be used within eight weeks. Now rules permit businesses to use the money over 24 weeks.
Emprise Bank was not able to provide information on loans specific to county businesses.
Each bank received 5% of each loan’s total from the federal government to cover processing. All in all, county banks made at least $406,394.40 by processing the forgivable loans.
Last modified June 25, 2020