A commitment to community at First Midwest Bank
Tuesday, May 25, 2021 ~ Updated 3:42 PM
In 2020, when we all faced unprecedented challenges due to the COVID-19 pandemic, community banks worked tirelessly to help area small businesses secure funds through the SBA’s Paycheck Protection Program (PPP).
“I am incredibly proud of the work our team has put into navigating the PPP loan program. We had people working around the clock when the program first launched last year,” said Joey McLane, President of First Midwest Bank. “We wanted to do everything we could to secure the funding needed to help businesses survive.”
According to the SBA, community banks have made almost 37% of the nation’s PPP loans. Missouri is currently ranked in the top 10 states in number of loans approved, which is proof of the commitment our local community banks have to the areas they serve.
Leveraging its existing SBA lending department, the First Midwest team was able to hit the ground running when the original CARES Act legislation was passed in March of 2020. Through the latest round of funding, which is ongoing until May 31, the team at First Midwest has processed nearly 1,700 applications and secured over $85 million in funds with loan amounts ranging from $200 to $2.9 million. A majority of those loans are to local businesses with 10 or fewer employees and self-employed individuals like hairdressers, real estate agents, and farmers.
“Personal relationships are an integral part of community banking,” said McLane. “We’re only successful if our customers are successful, and that makes it important for us to do all we can to get the job done for our local businesses.”
First Midwest Bank is proud of the communities they call home and are committed to helping them continue to thrive. The PPP Program will remain open until May 31 for small business owners and self-employed individuals, including those who file a Schedule-C. Individuals are encouraged to speak with a lender to determine eligibility.
From personal savings and checking accounts to small business tools to mobile and online banking, First Midwest offers state-of-the-art banking products and services for all stages of life. To learn more about their products, stop by one of their 18 convenient locations or visit www.onemidwest.com.