Huron Valley State Bank Supports Small Businesses with the SBA Paycheck Protection Program Protecting the jobs of over 3,500 Employees
The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated funds to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program (PPP), the initiative provides 100% federally guaranteed loans and forgiveness grants to small businesses. Huron Valley State Bank is an approved Small Business Administrative Lender and was able to provide these relief programs through the PPP to its business customers.
"We understand small business and take pride in keeping them strong and viable," said Jack Shubitowski, President and CEO "In unprecedented times like this the Bank can play a significant role in supporting our local business community. That is the true spirit of community banking - local reinvestment one business at a time. I am incredibly proud of our nimble and dedicated Lending Department that launched this program expediently."
In less than a week, Huron Valley State Bank reinvented itself to communicate and process loans dedicated to this program. Led by Steven Peacock, Senior Vice President of Commercial Banking, the team developed the necessary guidelines, processes, procedures and workflows. In addition, the bank hired an additional team member and modified roles of existing employees to fulfill the demand of the PPP Loans. To facilitate the program the bank added a new phone line, new email address and made additional secure portal enhancements to the website. All of this was accomplished through 95% remote efforts of the team.
"The bank funded our first Paycheck Protection Program Loan request six days after initial application and year to date we have approved 241 loans for over $27 million to support small business. This helps in protecting the jobs of over 3,500 employees," said Steven Peacock. "Our team has worked incredibly hard and they are truly inspired that they are helping our local community and the overall economy."