Financial Times: Community banks ‘irreplaceable’ during pandemic

A new Financial Times article (paywall) reports on how community banks have been “irreplaceable” during the pandemic, including by leading the Paycheck Protection Program response.

Details: The report—which profiles Gate City Bank in Grand Forks, N.D.—notes that the community bank relationship lending model and small-business focus is well-suited to the PPP and has expanded goodwill among consumers.

Background: ICBA has continuously advocated for needed PPP reforms while promoting to the national media the profound leadership of community banks, which accounted for some 60 percent of the PPP’s total loan amount and 58.3 percent of the nearly 49 million jobs saved by the program.

This Week: ICBA’s efforts continue tomorrow with ICBA Chairman Robert Fisher scheduled to testify at a House Small Business Committee hearing on what’s next for PPP forgiveness.

Testimony: The president and CEO of Tioga State Bank in Spencer, N.Y., will discuss community bank PPP lending, loan forgiveness, and efforts to streamline the forgiveness process.

Resources: Additional PPP information is available on ICBA's PPP Resources page.