Banks seeing an increase in business due to SBA loans
MINOT, N.D. – The latest round of the Paycheck Protection Program kicked off this month, and lenders across the state are seeing quite a few applications.
Town and County Credit Union in Minot has been helping small businesses apply for financial assistance needed due to the coronavirus.
During the first round, they provided the most loan dollars in the state, compared to any other credit union, at more than $17 million.
“We did roughly around 425 PPP loans submitted and applied and processed through. About $17 million worth of loans went through,” said Fred Beuchler, Senior VP of business lending.
Beuchler says things haven’t slowed down this time around, either. With tax season here, another round of PPP loans available and closing financial accounts in 2020, he says the credit union has its hands full.
“We’re in the midst of ag renewal season so our farmers and ranchers are getting their operating loans together and they are meeting with the lenders and getting budgets put together. They’re meeting with their accountants. It’s a busy time in this place,” he added.
He says they don’t expect things to slow down until around May. If you have questions about applying for a loan, he says to reach out to your personal banker.