DES PLAINES, IL. (Might 28, 2020) — Millennium Bank, a minority owned group bank, introduced it has authorized and processed over 400 Paycheck Safety Program loans averaging $68,000 beneath the nationwide common of $115,000, with almost 70% of loans going to minority owned small companies.
“We acknowledged our position as a group bank and knew we had to supply a crucial monetary lifeline for as many small companies as we may — clients or not,” mentioned President and CEO of Millennium Bank, Nicholas Dizonno. “Staff labored across the clock and thru weekends on behalf of companies who in any other case may not have an opportunity to make it out of this pandemic and not using a PPP loan.”
The U.S. Small Enterprise Administration (SBA) PPP loans have been designed to maintain small companies afloat throughout the COVID-19 pandemic, however many small companies like CR Flowers & Issues, positioned at 1932 S. River Highway in Des Plaines, had issue receiving PPP loans from huge banks.
After weeks of making an attempt, Cathy Baske, proprietor of CR Flowers & Issues, was lastly capable of obtain a PPP loan from Millennium Bank following quite a few rejections by giant monetary establishments. “After seeing an article of my frustration within the native newspaper, Millennium Bank contacted me and mentioned they will help,” mentioned Baske. “I obtained a PPP loan and was hand delivered the verify in simply seven days. Because of Millennium Bank, I really feel assured that I’ll make it via these powerful occasions.”
Millennium Bank saved over 3,340 jobs throughout the Chicago space with their PPP loan efforts and can proceed processing PPP functions till the greater than $100 billion in remaining PPP funds are exhausted.
Established in 2007, Millennium Bank is an impartial, minority owned group bank with a concentrate on business lending, enterprise banking and relationship constructing. The five-star rated bank is the one group bank in Des Plaines and has established itself as a frontrunner in the neighborhood, offering tons of of small companies the chance to contribute to native financial growth and enterprise homeowners the chance to launch affluent companies to assist their communities flourish.
About Millennium Bank:
Established in 2007, Millennium Bank is a BauerFinancial, Inc. 5-star rated, impartial, minority owned group bank with a concentrate on business lending, small enterprise banking and relationship constructing. In the present day, the highest 100 ranked US group bank operates via their Des Plaines department and has established itself as a frontrunner in the neighborhood, offering tons of of small companies the chance to contribute to native financial growth and enterprise homeowners the chance to launch affluent companies to assist their communities flourish. As the one true group bank in Des Plaines, Millennium Bank takes nice satisfaction of their efforts to encourage financial development and supply alternatives for the people and communities they serve to realize financial stability. Dedicated to private service and relationship banking, no matter your banking wants are, Millennium Bank is right here to offer you the very best banking expertise. For extra data on Millennium Bank, go to milbnk.com.
In regards to the U.S. Small Enterprise Administration
The U.S. Small Enterprise Administration makes the American dream of enterprise possession a actuality. As the one go-to useful resource and voice for small companies backed by the power of the federal authorities, the SBA empowers entrepreneurs and small enterprise homeowners with the sources and assist they should begin, develop or broaden their companies, or get better from a declared catastrophe. It delivers companies via an in depth community of SBA discipline places of work and partnerships with private and non-private organizations. To be taught extra, go to www.sba.gov.