Washington, D.C. (April 9, 2020) — The Independent Community Bankers of America (ICBA) and nearly 30 state banking associations today sent a letter to Treasury Secretary Steven Mnuchin and Small Business Administrator Jovita Carranza imploring them to do everything in their power to assure timely access to the Paycheck Protection Program for the roughly one-third of the community banking industry, particularly those located in rural areas, that are still awaiting access to the E-Tran or Lender Gateway systems.
“Community bankers throughout the country have worked around the clock to make this critical program work for cash-starved small businesses,” ICBA and the state banking associations said in the letter. “We are in near constant contact with these community bankers and are hearing their frustrations and pleas for help firsthand. Clear and concise instructions are still sorely needed on access to the SBA loan programs, especially for non-SBA lenders trying to enter the SBA systems and process loans they already have in hand.”
For the program to live up to its potential without further setbacks, ICBA and the state banking associations provided the following recommendations:
“Thank you for your support for additional funding for the Program,” the groups said in the letter. “We fully intend to work with you to secure this vital funding from Congress. Without adequate scale, the Program cannot meet its potential.”
The Independent Community Bankers of America® creates and promotes an environment where community banks flourish. With more than 50,000 locations nationwide, community banks constitute 99 percent of all banks, employ nearly 750,000 Americans and are the only physical banking presence in one in three U.S. counties. Holding more than $5 trillion in assets, nearly $4 trillion in deposits, and more than $3.4 trillion in loans to consumers, small businesses and the agricultural community, community banks channel local deposits into the Main Streets and neighborhoods they serve, spurring job creation, fostering innovation and fueling their customers’ dreams in communities throughout America. For more information, visit ICBA’s website at www.icba.org.