Within the midst of the COVID-19 pandemic, FirstBank introduced earlier this week it lately funded roughly $75 million in Small Enterprise Administration Paycheck Safety Program loans for greater than 800 northern Colorado companies. FirstBank additionally introduced it’s making a $500,000 funding within the Larimer County Small Enterprise Restoration loan Fund.
“Our commitment to serving communities runs deep and we recognize the value that small businesses bring,” FirstBank northern Colorado Market President Nicole Staudinger stated in a information launch. “They’re the backbone of our economy, and it’s imperative they’re given the resources needed to thrive.”
FirstBank has two Greeley branches and one in Windsor.
The PPP was first launched April three as a $349 billion program, a part of the Coronavirus Help, Aid and Financial Safety, or CARES, Act. It’s a public-private mobilization effort of banks and different lending establishments to loan small companies much-needed capital to maintain their companies and preserve their staff employed.
In response to the information launch, FirstBank’s funding will guarantee extra companies with fewer than 20 workers can obtain as much as $50,000 at a low, fastened fee with no origination charge. So far, the loan fund has created or retained over 520 jobs in northern Colorado, in response to the information launch.
Additionally, FirstBank donated $75,000 to the Colorado COVID Aid Fund, which offers wanted assets to communities hit hardest by the outbreak, in response to the information launch.
To be taught extra about FirstBank’s ongoing response to the COVID-19 pandemic, go to efirstbankblog.com/coronavirus.