Community Banks are a Clear Leader of Economic Recovery
The Independent Community Bankers of America (ICBA) recently released data to show that community banks are a clear leader of the U.S. economic recovery due to their enormous role as providers of Paycheck Protection Program (PPP) small-business loans.
According to the Small Business Administration data, community banks:
- Were the predominant PPP lenders, serving 57.5 percent of all PPP recipients and 48.1 percent of all U.S. small businesses with 2.8 million loans.
- Supported underrepresented small businesses, providing most loans to minority-owned (72.6 percent), women-owned (71.5 percent), and veteran-owned small businesses (63.4 percent).
- Served communities of all kinds, making 98.2 percent of loans in low-income or economically distressed counties, 96.6 percent of rural counties, and 92.4 percent of urban counties.
- Had the faster turnaround times among lenders, processing PPP loans five to 10 days faster than other PPP lenders.
- Saved jobs in critical areas of the economy, with nearly half of the 33.7 million jobs they saved part of the accommodation and food services, health care and social assistance, retail trade, and manufacturing sectors.
“I have been humbled by the passion and commitment of our employees. They genuinely love our customers and this bank,” President and CEO Erik Skovgard said. “While anyone could be forgiven in the current environment for becoming lost to fear and concerns for self-survival, our team has shown up and worked countless hours to do everything we could to help our customers, and this bank, through the pandemic. They are heroes.”
Our employee’s dedication to our customers and communities is evident in the number of hours worked to support our customers through the Paycheck Protection Program application process. As of June 6th, 2020, Lincoln Savings Bank serviced 681 businesses resulting in $78,000,000 in loans.
“In the last six months, we experienced a global pandemic, economic recession, widespread social unrest, and the derecho. The combined magnitude of these changes has permanently reset the course of history. As with any period of change, we are presented with the option to choose to be a victim or victor of our circumstances,” shared Skovgard.
At Lincoln Savings Bank, we will continue to choose to be the victor and will remain a guiding light for small businesses, customers and our communities.
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