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Andover Bank provided $15.4MM in PPP Loans for over 300 Local Businesses

Andover Bank provided $15.4MM in PPP Loans for over 300 Local Businesses

Tuesday, May 26, 2020/Categories: Bank News

Andover Bank announced today that it has processed more than 300 loans totaling $15.4 million under the Small Business Administration’s Paycheck Protection Program (PPP) to help local small businesses support payroll and related costs, saving hundreds of jobs within the northeast Ohio/western Pennsylvania region. The average loan size was approximately $51,000 as of May 26th. 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.

“As relationship bankers and dedicated members of this community, we are doing everything we can to protect the vibrancy of our small businesses, which serve as the economic engines for our local economy,” said Steve Varckette, President and CEO of Andover Bank. “I’m so proud of our staff, who have 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, Andover Bank continues to help customers during this time. The Bank has extended relief options for its loan customers who are experiencing financial hardship during this difficult time. In addition, the Bank has encouraged customers to use its remote/electronic banking channels as a means of keeping everyone safe while still providing essential banking services. The Bank’s branch lobbies have recently reopened with new temporary lobby hours with additional safety and cleaning measures in place.

“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 percent 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

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