Investors Community Bank’s Paycheck Protection Program Lending Team was recently honored as Rising Stars in Banking, by BankBeat magazine.
The team was recognized for their work that began in late March when community banks were handed what seemed like an insurmountable task: to design and implement processes to help execute the U.S. Treasury and Small Business Administration’s Paycheck Protection Program. The ICB team rose to the challenge. In the first round of PPP funding, ICB approved 677 loans. In the second round, the count is up to 906, resulting in more than $106,000,000 invested into the local economy.
The team worked tirelessly day and night to get the job done. They created a digital application process, monitored daily changes to the PPP program rules, and worked through approving as many loans as possible before the funding ran out.
“There was a lot of stress and emotion,” said Karl Spaay, AVP – Business Credit Manager. “But it wasn’t just applications, dollars and cents. Those are businesses in our communities, and those businesses have employees, and those employees have families. So it’s not just a loan you’re getting approved, it’s families you’re helping.”