utah.bank 8 Utah Banks Did Some Heavy Lifting Helping Small Businesses Get PPP Loans: A bank’s perspective on how local companies helped your business get a PPP loan By Curt Queyrouze, President at TAB Bank Arecent Small Business Administration report of PPP loans ranked on assets used for PPP loans showed that six Utah banks leveraged about 30% of their assets or more toward those loans over the past year. These six banks were also in the top 40 of all 4,000+ banks participating in the PPP loan program. 1. WebBank, Salt Lake City 2. Celtic Bank Corporation, Salt Lake City 3. Continental Bank, Salt Lake City 4. LCA Bank Corporation, Park City 5. Cache Valley Bank, Logan 6. TAB Bank, Ogden Utah’s entrepreneurial spirit has always backed small businesses, and Utah banks delivered substantially during the COVID-19 pandemic. What’s interesting is these banks cover different industries and have various business models. For example, WebBank is an industrial bank that used its strategic partners, such as Lendio, to offer loans. Cache Valley bank serves both businesses and individuals statewide. Continental Bank specializes in commercial equipment financing, while TAB Bank is an online bank that started in the transportation industry and now serves companies and individuals in numerous sectors. While these Utah banks’ numbers are impressive, what’s more impressive is the effort and dedication by individuals at these banks to help small businesses obtain PPP loans. As president at TAB Bank, I witnessed how our bank employees worked literally day and night to help companies get loans. At TAB Bank, the I.T. department worked 24/7 for 72 hours straight. About 1/3 of the staff focused entirely on processing
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