Stockman Bank Ramps Up Closing On SBA Loans, Taking Applications To Await Further Federal Funding
April 22, 2020 | View PDF
The U.S. Small Business Association (SBA) Paycheck Protection Program (PPP) was originally funded by Congress on April 3, 2020 with $348 billion in funds to be distributed to small business owners in crisis across the country via authorized lenders. Stockman Bank’s portion for the SBA PPP Federal Loan Program amounted to 2,177 loans for a total of $262M. The vast majority of these loans have already been closed and advanced into customer accounts. Stockman Bank of Montana is one of the authorized lenders for the program here in Montana.
“As of the end of the day, Friday, April 17, 1,748 of these loans for a total of $237 million had already been closed and advanced into customer accounts. Within this week, the rest of these 429 loans in Montana will be funded, in the amount of $25 million. At our Sidney branch, we have processed and closed 144 loans in the amount of $18.1 million,” said Garth Kallevig, Sidney’s Stockman Bank market president.
In the meanwhile, now that authorized PPP loan funding has been exhausted, small business owners who didn’t make the first wave of funding are waiting. Congress and the President are working toward reloading this PPP Loan with possibly another $250 billion in funds. “We are hopeful they will get this accomplished and expect if they do that this funding will go out very fast. We are accepting new applications and stockpiling them ready to submit the minute any new PPP funds become available,” says Kallevig.
Anybody that’s in business could qualify, including nonprofits, faith based organizations, self-employed sole proprietorships, as well as farm and ranch operations. Stockman Bank staff can be reached by phone and determine if preliminary requirements are met. After that, work is done primarily through email, messaging, and delivery of documents at drive-thru Auto Bank locations. Interested businesses should reach out to the bank for more information on financial assistance available through the challenges they’re facing.