Badger Bank announced recently that it has processed 113 loans under the Small Business Administration’s Paycheck Protection Program (PPP) to help local small businesses support payroll and related costs, saving jobs within the Jefferson County and Eastern Dane county region.
The average loan size was approximately $49,500 as of June, 2020. The PPP, which originally was launched April 3 to address economic challenges caused by the COVID-19 pandemic, provides forgivable, government-guaranteed loans for the nation’s small businesses, which account for roughly 48 percent of the U.S. workforce.
“As relationship bankers and dedicated members of this community, we are doing everything we can to protect the vibrancy of our small businesses, which serve as the economic engines for our local economy,” said Steve Dehnert, president and CEO of Badger Bank. “I’m so proud of our staff, who have worked around the clock to process these loans and ensure that critical funds were able to get in the hands of those who needed it most. We will continue processing applications until all remaining PPP funds are accounted for.”
In addition to its PPP funding efforts, Badger Bank continues to help its customers. The bank has remained open to all customers during this time, utilizing several methods: in-person appointments, drive-up service, telephone calls to staff and online tools via computer or mobile device.
Safety has been the number one goal for the bank, to ensure that the lobbies remain closed. Bank staff closely are monitoring the situation, including the rate of new infections, following the advice of the Centers for Disease Control and other federal, state and local officials.
Bank management currently is preparing for the eventual reopening of the lobbies and will do so once they are comfortable that it will be safe for staff, customers and the community. Appointments are welcome. Call anytime to schedule one with any of the helpful representatives.
To learn more about Badger Bank, visit badgerbank.bank or additional community bank information at www.banklocally.org.