Small businesses have been particularly hard hit by the COVID-19 health crisis and many businesses (particularly restaurants and bars) continue to face operating restrictions, such as those announced this week as Montana works to slow down COVID infection rates.
To help address the financial stress, Stockman Bank has been busy helping our Montana small business customers access a number of relief programs designed to help impacted businesses keep their doors open and their people employed. The following programs are part of The CARES Act, (Coronavirus Aid, Relief and Economic Security Act).
Montana Board of Investments (MBOI) Loan Deferment Program
This loan program helps eligible Montana businesses who have suffered at least a 15% reduction of gross revenues due to COVID-19. Our customers received $14.5 million of assistance through this program. Overall, these customers received 31% of the total assistance provided by the MBOI and were the largest group to benefit from this program.
The Montana Working Capital Program
Also facilitated through the MBOI, this program helps Montana businesses impacted by COVID-19 to access grant funds to supplement working capital loans made by eligible lenders. Our customers received $6.5 million in principal grants. This was 28% of the total assistance provided by the MBOI, and our customers were the second largest group to benefit from this program.
Paycheck Protection Program
The Paycheck Protection Program (PPP) provided 100% SBA guaranteed loans to help small businesses keep their workers on the payroll. We originated 3,278 PPP loans and advanced nearly $312 million in PPP loans to Montana businesses. The bank’s lenders are now assisting our customers with the “loan forgiveness” phase of the program.
Over our nearly 70-year history, Stockman Bank has worked to ensure that our Montana farmers, ranchers and small businesses owners continue to grow and be successful. Entrepreneurship and small business is the backbone of our state. If your business is continuing to face challenges due to the pandemic, call your local Stockman Bank to make an appointment. We may be able to help.
On behalf of all of us at Stockman Bank, best wishes for a happy and safe Thanksgiving holiday.