Banks see increased activity thanks to SBA loans
The latest round of the Paycheck Protection Program began this month, and lenders across the state are seeing a number of claims.
The City and County of Minot Credit Union is helping small businesses apply for the financial help they need due to the coronavirus.
In the first round, they provided the most loans in the state, compared to any other credit union, at over $ 17 million.
“We have made approximately 425 PPP loans submitted, applied and processed. About $ 17 million in loans have been made, ”said Fred Beuchler, senior vice president of business loans.
Beuchler says things haven’t slowed down this time around either. With tax season here, another round of PPP loans available, and financial accounts closing in 2020, he says the credit union has its hands full.
“We’re in the middle of the farm renewal season so our farmers and ranchers are getting their operating loans together and they’re meeting with lenders and budgeting. They meet with their accountants. It’s a busy time here, ”he added.
He says they don’t expect things to slow down until May. If you have any questions about applying for a loan, he advises you to contact your personal banker.