Since the Paycheck Protection Program’s (PPP) launch in early April, First State Bank of Rosemount has so far approved over $7,658,000 in desperately needed liquidity for over 200 local businesses disrupted by the COVID-19 pandemic, preserving 870-plus jobs for local workers, the bank said in a press release.
First State Bank of Rosemount said it provided many of its PPP loans to new customers who could not otherwise access PPP funding through a large bank or credit union relationship.
“It is extremely important to us to help our local businesses get the help they need,” said Mark Toombs, president of First State Bank of Rosemount. “We’re a community bank and local businesses are a big part of what make our community great. I could not be prouder of what our team accomplished in support of our local economy.”
According to the Small Business Administration, community banks approved about 60 percent of first-round PPP loans. Nationally, banks under $1 billion – a group that represents just 6 percent of all banking assets – provided their communities with nearly 20 percent of first-round PPP loan dollars.
In Minnesota, more than 111,000 small businesses received a total of $11.2 billion in PPP funding as of June 20 from SBA-approved lenders, the agency reported.
“Community banks are coming out the heroes of the program in terms of coming online to serve their local economies, for responsiveness to borrowers, and for the number of loans (relative to their size),” said Brian McDonald, the acting SBA district director for Minnesota. “Small businesses are benefiting from Minnesota’s strong community banking sector and the lenders who are putting in long hours and submitting record quantities of SBA loans to help shore up their local economies.”
Toombs is on the board of the Independent Community Bankers of Minnesota association.
“At First State Bank of Rosemount we pride ourselves as being accessible, dedicated to giving back to the communities we serve and valuing each and every customer.”
To inquire about business loans and other financing options, contact 651-423-1121.
First State Bank of Rosemount is a full-service community bank and a family-owned and operated business that has provided over 110 years of service to the city of Rosemount and the surrounding area.