As the economy weakened under the COVID-19 pandemic, Lincoln Savings Bank facilitated 2,047 loans to Iowa small businesses under the Small Business Administration’s (SBA) Paycheck Protection Program (PPP), injecting $126,026,870 into the state’s economy to preserve small business jobs.
The total number of loans represents first and second-draw PPP loans made since the program opened on April 3, 2020. PPP funds were exhausted on May 4, 2021 in advance of the program’s expected expiration date on May 31.
Congress launched the PPP in the spring of 2020 as an emergency source of funding to help small businesses keep workers on payroll. Provided businesses used the funds for eligible purposes, the loans were forgivable.
“Knowing that so many in the business community were under terrible strain, our SBA team worked incredibly hard to meet the overwhelming need. Seeing the total impact makes us very proud and grateful to have played a role in helping the state through a very challenging time.”
During the past three years, LSB has expanded its commercial lending team to include dedicated small business lending staff with expertise in SBA lending programs. In both FY2020 and FY2019, LSB was recognized with multiple SBA “Top Lender” awards from the Iowa District Office.
Though PPP loans are no longer currently available, LSB continues to offer small businesses SBA loans through other programs such as the flagship 7(a) program.
