Mid Penn Bank has approved and disbursed more than $290 million in loans for small businesses since the 2021 Paycheck Protection Program (PPP) portal opened for community banks on Jan. 19.
The bank disclosed this information as part of its 8K filing with the U.S. Securities and Exchange Commission.
In the four weeks since the SBA portal was made accessible to community banks to begin processing 2021 PPP Loans, Mid Penn Bank has secured and disbursed loans for 2,047 businesses that employ more than 26,000 workers. The bank’s team of SBA professionals leaned on the success it created during the first round of PPP in 2020 to create a smooth and efficient process for small business owners to apply and receive funding.
“In the first round of PPP, when we originated over 4,100 PPP loans for small businesses throughout our footprint that desperately needed the funds to protect the paychecks of over 55,000 community members, we established a process and reputation for providing a world-class PPP customer experience,” said Mid Penn Bank President and CEO Rory Ritrievi.
“Now, four weeks into the second round of PPP, with refinements to the process that make applying even easier, we again are experiencing tremendous success. The majority of our PPP borrowers in 2021 had received a 2020 PPP loan from us, but we are also adding new-to-us borrowers as a result of the reputation we built in that first round. We are excited with these results as we have already originated over 2,000 round two loans while protecting another 25,000-plus paychecks.”
The Mid Penn Paycheck Protection Program lending team is led by Natalie Falatek, First Vice President and Director of SBA/Guaranteed Lending. In 2019, Falatek completed the prestigious 7A Accreditation through the National Association of Government Guaranteed Lenders (NAGGL) Advanced Lender Diploma Program. She is one of only 49 lenders in the country to earn the 7A Accreditation. In 2020, Falatek received the Coleman Report’s PPP Lender of the Year Award.
To learn more about how Mid Penn Bank can help a business apply for a Paycheck Protection Program loan, click here or call 888-472-9778.