Clarksville, TN – Legends Bank introduced as we speak that it has processed greater than 345 loans totaling $41,657,350 beneath the Small Enterprise Administration’s Paycheck Safety Program (PPP) to assist native small companies help payroll and associated prices, saving over a thousand jobs inside the Center Tennessee Space.
The common loan dimension was roughly $121,000 as of Might 22nd, 2020. The PPP, which was initially launched on April third to handle financial challenges attributable to the COVID-19 Coronavirus pandemic, supplies forgivable, government-guaranteed loans for the nation’s small companies, which account for roughly 48 p.c of the U.S. workforce.
“As relationship bankers and dedicated members of this community, we are doing everything we can to protect the vibrancy of our small businesses, which serve as the economic engines for our local economy,” stated Tommy Bates, President and CEO of Legends Bank. “I’m so proud of our staff, who have worked around the clock to process these loans and ensure that critical funds were able to get in the hands of those who needed it most.”
Along with its PPP funding efforts, Legends Bank continues to assist prospects throughout this time. Providing digital providers via on-line and cell banking was very important to prospects as they sheltered in place.
With these providers, prospects have entry to handle their funds 24/7, which permits them to soundly conduct most of their daily banking transactions safely from house. The bank has begun phased-in foyer re-openings and continues to supply drive-thru banking and in-person appointment choices at choose areas.
“Community banks stepped in to provide a helping hand to local small businesses—something that they do during both good times and challenging ones,” Impartial Neighborhood Bankers of America President and CEO Rebeca Romero Rainey stated.
“Providing more than half of the nation’s small business loans, community banks prioritize the needs of their local customers and communities and quickly adapt and respond during times of crisis. By providing the lion’s share of PPP loans, community banks have served an essential role in helping small businesses survive amid COVID-19 Coronavirus, while saving countless jobs across our nation,” said Rainey.
Based on the SBA abstract of loan approvals via Might 16th, lenders with lower than $50 billion in property accounted for almost 65 p.c of permitted loans—totaling 4.Three million—and greater than 62 p.c of the permitted greenback quantity—estimated at $513 billion since launch of the PPP. Nationwide, neighborhood banks have obtained a mean of almost 200 loan purposes via this system ranging in dimension from lower than $50,000 to greater than $500,000, in accordance with a latest ICBA survey.
To study extra about neighborhood banks, go to www.banklocally.org.
About Legends Bank
Legends Bank is an entirely owned subsidiary of Legends Monetary Holdings, Inc., working eight department banking areas in Clarksville, Brentwood, and Nashville, TN. Extra details about Legends Bank may be discovered at legendsbank.com
The Impartial Neighborhood Bankers of America® creates and promotes an surroundings the place neighborhood banks flourish. With greater than 50,000 areas nationwide, neighborhood banks represent 99 p.c of all banks, make use of almost 750,000 Individuals and are the one bodily banking presence in a single in three U.S. counties.
Holding greater than $5 trillion in property, almost $Four trillion in deposits, and greater than $3.Four trillion in loans to shoppers, small companies and the agricultural neighborhood, neighborhood banks channel native deposits into the Important Streets and neighborhoods they serve, spurring job creation, fostering innovation and fueling their prospects’ goals in communities all through America.
For extra info, go to ICBA’s web site at www.icba.org.
Clarksville, Clarksville TN, Coronavirus, COVID-19, Legends Bank, Center Tennessee, pandemic, Paycheck Safety Program, Tommy Bates, U.S. Small Enterprise Administration