The Bank of Elk River Funds $63 Million in PPP Loans to Date
The Bank of Elk River, one of the larger community banks in Minnesota, has funded 400 businesses over $63 million dollars in loans saving an estimated 5,000 positions during the COVID-19 pandemic to date.
Businesses including chiropractors, dentists, eye doctors, manufacturing firms, restaurants and a variety of trades have applied and been approved for relief aid. The bank has been operating seven days a week and evenings to process applications and communicate with applicants.
"This is an unprecedented program that SBA and banks have had to figure out very quickly,” said Madeline Sadler, SBA Loan Manager for The Bank of Elk River. “We've seen enormous interest from the small business community in the program and our team has done amazing things to make this available to over 400 businesses and counting. We've had the opportunity to work with some businesses who typically don't borrow, and while it's been a whirlwind, it's giving us a new level of insight into the businesses in our community. We appreciate everyone's patience as we continue to work through the process and distribute loan proceeds."
As of today, another 250 applications are in the process of being reviewed and submitted. Staff normally working in different areas of the bank are stepping in to help with the overwhelming need.
“Helping our community has been at the forefront of The Bank of Elk River since we began our business in 1885,” said John Babcock, Chairman, President and CEO of The Bank of Elk River. “I am incredibly proud of our staff. Each person has stepped up and helped out our customers and community in need. We are helping people online, over the telephone and through unique and creative ways.”
To learn more about the program and how The Bank of Elk River can help, visit http://72.167.102.45/SmallBusinessRelief
The Bank of Elk River proudly serves the needs of individuals and businesses in Anoka, Elk River, Otsego, Rogers, Zimmerman and the northwest metro area.
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