Sheboygan County Lenders Proactive with PPP Opportunity
By Ray York, Business Counselor for the Sheboygan County Economic Development Corporation (SCEDC) and the Small Business Development Center (SBDC) at UW-Green Bay
Sheboygan County, WI – Sheboygan County financial institutions took the opportunity to help our local community by stepping up to administer lending for many area small businesses through the Paycheck Protection Program (PPP). The Sheboygan County Economic Development Corporation (SCEDC) would like to thank all our area lenders that are helping Sheboygan County businesses during the economic disaster caused by the COVID-19 pandemic.
“Sheboygan County is truly blessed with an extraordinary selection of local and regional banks that work diligently with their business clients,” said Gary Dulmes, SCEDC Chair. “The relationships our business lenders build with our community partners and businesses help contribute to the strong economic environment we have here in Sheboygan County.”
The PPP program started April 3rd and the Small Business Administration (SBA) released initial results on the successful distribution our lenders had with the PPP. As of June 30th, 1,467 Sheboygan County business have taken advantage of PPP, with an estimated issuance of over $180 million. Below are the estimated PPP loans by lending institutions with facilities in Sheboygan County; these institutions account for 85% of the total PPP loans in the County!
|
Lenders |
PPP Loans |
|
Bank First, N.A. |
279 |
|
Oostburg State Bank |
155 |
|
Wisconsin Bank & Trust |
120 |
|
Kohler CU |
90 |
|
BMO Harris Bank National Association |
79 |
|
Commerce State Bank |
79 |
|
U.S. Bank, National Association |
70 |
|
Waldo State Bank |
65 |
|
National Exchange Bank and Trust |
54 |
|
Cleveland State Bank |
44 |
|
Compeer Financial, ACA |
37 |
|
Hiawatha National Bank |
30 |
|
Associated Bank, National Association |
29 |
|
Wells Fargo Bank, National Association |
28 |
|
Collins State Bank |
24 |
|
Johnson Bank |
23 |
|
UnitedOne CU |
23 |
|
Denmark State Bank |
16 |
|
Sheboygan Area CU |
8 |
|
Total Loans |
1,253 |
“Our small businesses rely on us, and our top priority was being there for them in their greatest time of need,” said Amy Sonnemann, Chief Lending Officer, UnitedOne Credit Union. “Small businesses are the lifeline to our community providing jobs, goods, services, and even a unique community identity so it became crucial that we become an approved Paycheck Protection Program Lender. We helped a variety of businesses from restaurants, auto body shops, day cares, barbers, and non-profit organizations. They were very appreciative of the assistance and it felt good knowing we were helping to sustain jobs in the community.”
The PPP is a forgivable loan designed to provide a direct incentive to keep business owners and their workers on the payroll. Taking into consideration the SBA’s PPP eligibility requirements it is estimated that there are still over 2,000 more Sheboygan County small businesses that may qualify for PPP. The PPP is still accepting applications and the deadline to apply for a PPP loan is August 8, 2020. If you are a business owner and would like to learn more about PPP, please follow the link to register as a Small Business Development Center (SBDC) client.
Our small businesses and their lending partners are essential for our local economy, and it is vital to see these relationships flourish. The SCEDC will continue its mission to assist small businesses and partner with lenders to support the growth of entrepreneurship in the county. Opportunity is a landmark of economic success and when Sheboygan County works together, we drive more success in our communities!
