RAVENNA – Town & Country Bank, like several financial institutions in the region, has worked tirelessly to process Paycheck Protection Program loans for local businesses.
Town & Country Bank chairman James Friesen said loan officers, a credit analyst and an intern in the banking system at four branches – Kearney, Ravenna, Pleasanton and Litchfield – were all involved in the processing applications or helping close loans during the first round of funding, which lasted April 3–16.
Friesen said the bank processed around 120 loans during that time.
“It has occupied three people full time since the start,” he said earlier this month.
Since the COVID-19 outbreak, Friesen has said that all types of small businesses have applied for a loan through PPP, which is a small business administration program.
According to the SBA website, the program aims to encourage small businesses to keep their employees on the payroll during the COVID-19 pandemic.
Bank staff met with owners of auto repair shops, retail businesses, dental and medical clinics, sole proprietors, and even non-profit organizations, such as churches, which are not normally eligible. loans guaranteed by the SBA.
The farmers also applied for the forgivable loans.