County Bancorp, Inc. (NASDAQ: ICBK), the parent company for Investors Community Bank ( “the Bank”), provided an update on the Small Business Administration’s (“SBA”) Paycheck Protection Program (“PPP”) and how the Bank is committed to serving its customers and communities affected by COVID-19.
The Bank began accepting PPP applications on April 3, 2020 and as of Tuesday, April 13 it had received more than 553 applications. To date the SBA has approved 510 of these applications, totaling $79.6 million. The total dollar amount funded so far is $52.5 million from 288 loans. This represents more than 6,500 jobs supported within the Bank’s communities. The Bank expects to fund the remaining approved loans within the next couple of days.
“As a community bank, our mission is to serve the needs of businesses, families and farms,” said Tim Schneider, CEO of Investors Community Bank. “Now more than ever, we are dedicated to keeping our customers and community strong. I am humbled by how quickly our team responded in this time of need. We are leveraging the strength of our entire organization, working day and night to process our customers’ applications so they can continue to keep their businesses and farms operational. Our customers have been beyond appreciative of our support in their time of need, and we remain committed to helping our customers and communities successfully navigate this unprecedented environment.”