May 6, 2020 – Summit Bank today announced that it was able to help 440 small businesses and nonprofits across Oregon under the U.S. Small Business Administration’s (SBA) Paycheck Protection Program (PPP). The PPP opened on Friday, April 3, to help small businesses maintain their workforce during the Coronavirus (COVID-19) pandemic.
Summit Bank approved 440 applications totaling $114 million. During the second phase of funding by the Department of the Treasury, Summit was able to fund all previously approved loans held in its queue. These loans will help business and nonprofit entities hire back or retain thousands of Oregon employees by companies in all three of our markets. Over half of the Bank’s loans were under $100,000.
Industries approved by the Bank include construction, food and beverage, nonprofit, professional and technical services, manufacturing, health care, arts and entertainment and retail. The loans made by Summit Bank will support the stabilization of local economies throughout Oregon. For thousands of people in Oregon, these loans will prevent layoffs and put people back to work. “The injection of cash is so important to the communities where we operate,” said President and Chief Executive Officer Craig Wanichek. “We are very honored to play a role in the program. We worked very quickly with the SBA to make the funding available to our clients. Demand for these loans was extremely high. Our team worked tirelessly including nights and weekends to ensure we processed and funded PPP loans as quickly as possible for our clients.”
The Bank increased loan commitments to the maximum amount feasible multiple times throughout the process, as regulators modified rules on capital and liquidity in relation to the PPP Loans. “We were very impressed that Summit had a process together and was ready to start reviewing applications the day before the program opened,” said Angela Wilson, CEO of Eugene Gastroenterology and Oregon Endoscopy. “The SBA team at Summit made the process seamless.” Other clients, including David Bong, CEO of Avant Assessment, the world’s leading online language proficiency test provider said, “Unlike major banks frozen by the indecision about the SBA rules on the PPP, Summit acted – early and boldly. They knew that they needed to get in line for their clients before the funds for the program ran out. Like all good entrepreneurs, Summit acted when others dithered.”
The PPP loans are intended to help small businesses and nonprofits keep their workers on their payroll. The loans have the opportunity to be forgiven if employers utilize at least 75% of the proceeds on payroll with the remaining money allowed to be spent on rent, interest on debt and utilities.
Summit Bank is a certified SBA lender. The Bank’s SBA Division is consistently recognized as one of the top SBA lenders in the State of Oregon. With offices in Bend, Eugene and downtown Portland, Summit Bank is a community bank that specializes in providing high-level service to professionals and medium-sized businesses and their owners. Summit Bank is quoted on the OTC Pink as SBKO.