The Small Business Administration’s (SBA) Paycheck Protection Program (PPP) is a government initiative to provide desperately needed financial assistance to the small business community in response to the coronavirus pandemic. Banks and other financial institutions were asked by the government to serve as the delivery mechanism for this aid, and CNB has responded.
Following the SBA’s initial launch of the program, County National Bank provided 509 small businesses with $102 million in loans backed by the government to keep their workers on the job. Having seen the incredible demand for PPP loans, Congress appropriated an additional $310 billion towards the program. CNB welcomed this development, which offers even more small businesses a much-need financial lifeline that will in turn help save millions of jobs. Since the release of the second round of Paycheck Protection Program funding, CNB has provided an additional 400 small businesses with $29.7 million in loans. In total, over 900 small businesses have been approved for over $131 million with the assistance and guidance of County National Bank.
County National Bank will continue to stand by small businesses and do everything we can to deliver this relief quickly and efficiently, saving jobs and limiting the economic damage from this pandemic. CNB was helping our customers before this crisis and we will continue to do so.
At County National Bank we recognize that each relationship is unique. It is important for us to listen, discuss and respond to each customer’s needs. This has always been our stance and has been our focus in recent weeks as we meet the needs of our customers.
About County National Bank
County National Bank is a nationally chartered full-service community bank serving South Central Michigan since 1934. CNB has grown to over $791 million in assets and is headquartered in Hillsdale, Michigan. CNB provides a wide array of financial products and services through its 12 full-service office and 18 ATMs. Learn more about County National Bank at www.cnbb.bank.