VeraBank, N.A. announced Friday that it has processed more than 1,582 loans totaling $141,411,844 under the Small Business Administration’s Paycheck Protection Program to help local small businesses support payroll and related costs, helping to save approximately 15,021 jobs within East and Central Texas. The average loan size was approximately $89,380 as of May 22, 2020. The PPP, which was originally launched on April 3 to address economic challenges caused by the COVID-19 pandemic,
provides forgivable, government-guaranteed loans for the nation’s small businesses, which account for roughly 48 percent of the U.S. workforce.
“Helping our customers, neighbors, and the communities we serve weather this storm is the number one priority for us right now,” said Brad Tidwell, President and CEO of VeraBank, N.A. “I’m so proud of our staff, that has worked around the clock to process these loans and ensure that critical funds were able to get in the hands of those who needed it most. We will continue processing applications until all remaining PPP funds are accounted for.”
In addition to its PPP funding efforts, VeraBank, N.A. continues to help business and consumer customers during this time. They are continually monitoring the process of legislative relief programs available and working hard to offer any direct assistance they can provide for current loans and individual banking needs. VeraBank has also kept all drive-thrus open and added an online, in-branch appointment scheduling tool to their website, allowing individuals to bank in person at a healthy distance.
“Community banks stepped in to provide a helping hand to local small businesses — something that they do during both good times and challenging ones,” Independent Community Bankers of America President and CEO Rebeca Romero Rainey said. “Providing more than half of the nation’s small business loans, community banks prioritize the needs of their local customers and communities, and quickly adapt and respond during times of crisis. By providing the lion’s share of PPP loans, community banks have served an essential role in helping small businesses survive amid COVID-19, while saving countless jobs across our nation.”
According to the SBA summary of loan approvals through May 16, lenders with less than $50 billion in assets accounted for nearly 65 percent of approved loans — totaling 4.3 million — and more than 62% of the approved dollar amount — estimated at $513 billion since launch of the PPP. Nationwide, community banks have received an average of nearly 200 loan applications through the program ranging in size from less than $50,000 to more than $500,000, according to a recent ICBA survey.