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It's easy to criticize the SBA and the Payroll Protection Program (and I have done plenty of that), but it's worth stepping back and considering the scope of what was accomplished.
The SBA processed 14 years' worth of loans in fewer than 14 days. 1.6 million loans and $349B.
The SBA processed 14 years' worth of loans in fewer than 14 days. 1.6 million loans and $349B.
And community banks and CUs really stepped up.
I heard about a small community bank that originally planned to loan out $60M, but ended up borrowing from the Fed and doing $120M. Their CEO was making coffee, pizza, and Chick-Fil-A runs while the staff processed PPP loans.
I heard about a small community bank that originally planned to loan out $60M, but ended up borrowing from the Fed and doing $120M. Their CEO was making coffee, pizza, and Chick-Fil-A runs while the staff processed PPP loans.
And @JillCastilla and her team have been going way above and beyond to serve SMEs in Oklahoma.
Here she is telling a customer to text her, so she can look up their PPP application: https://twitter.com/JillCastilla/status/1253732569411174404?s=20
Here she is telling a customer to text her, so she can look up their PPP application: https://twitter.com/JillCastilla/status/1253732569411174404?s=20
When you tweet about banking, please please please tweet about its problems. We need to #MakeBankingBetter (h/t: @leimer).
But also look for and share examples of banks going above and beyond to help their customers and communities. Those stories are out there too.
But also look for and share examples of banks going above and beyond to help their customers and communities. Those stories are out there too.
