Washington, D.C. (May 18, 2020) — The Independent Community Bankers of America® (ICBA) today launched its Paycheck Protection Program loan campaign (www.icba.org/ppploan) to connect the nation’s small businesses with local community banks that continue to offer these loans in the midst of COVID-19.
The multichannel effort identifies small businesses nationwide and introduces them to the community banks that have helped fund Main Street throughout the crisis. The outreach features a focused community bank finder, along with targeted efforts on multiple social and digital channels including inclusion on Facebook’s Economic Relief for Small Businesses Portal.
“Community banks continue to make the majority of PPP loans, and with significant funds remaining of the $310 billion granted by Congress, we are doing our part to ensure small businesses get access to these loans through the right partners within their communities,” ICBA President and CEO Rebeca Romero Rainey said. “This effort is about extending the helping hand of community banking to ensure every American small business has access to PPP funds and can keep workers on payroll during this crucial time.”
A recent ICBA survey revealed that community bankers were able to fund upwards of 80 percent of all loans that came their way in this first round of PPP—for an average of 166 loans per bank. Further, survey data shows community bank loans reached Main Street directly, with an average approved loan between $50,000 and $75,000.
Further, SBA data demonstrates community banks’ positive influence on the economy: Institutions with $10 billion in assets or less approved about 60 percent of loans in the first round, and 20 percent of the amount approved was processed by lenders with less than $1 billion in assets.
“Because in this difficult environment, for community banks, the relationship comes first,” Romero Rainey said. “It’s about meeting customers where they are and helping them thrive. As so many news reports and small businesses have noted of late, in times of financial trials, it’s time to get to know your local community bank.”
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.
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