Lakewood, Colo., May 04, 2020 (GLOBE NEWSWIRE) -- FirstBank, one of the nation’s largest privately held banks with a focus on “banking for good,” has closed more than 7,700 SBA Paycheck Protection loans, totaling roughly $1 billion. Out of these 7,700-plus loans, approximately 5,000 were funded in amounts of $50,000 or less – with the median loan amount around $38,000, and smallest loan at $200.
After receiving final guidance from the Treasury Department and the SBA, FirstBank started accepting loan applications on April 6. Within 72 hours, the bank had received several thousand applicants. FirstBank began funding the economic relief loans the following Monday, April 13th. Below is just a sampling of businesses that are among the 7,700 recipients:
- Aurora: Creative Learning Preschool
- Avon: Nest Furnishings
- Basalt: Free Range Kitchen
- Breckenridge: Arkansas Valley Adventures
- Colorado Springs: Rocky Mountain Restaurant Group
- Denver: Habitat for Humanity of Metro Denver
- Fort Collins: Fuzzy’s Taco Shop
- Lakewood: Minuteman Press
- Parker: Takoda Tavern
- Sun City West, Arizona: Desert Sun Embroidery
- Palm Desert, California: HK Lane
“Countless businesses, and their employees, across the nation have dealt with immeasurable hardships in the past month, which is why we are ecstatic to see these loan applications come to fruition and deliver the necessary funding to help business customers,” said Ron Tilton, President of FirstBank. “We are proud of the efforts by the FirstBank team, and appreciative of the patience shown by our business customers as we work to get applications processed as quickly as possible.”
Marc Rogers and Jason Beld, co-owners of several Fuzzy’s Taco Shops throughout the front range, were among the many business owners who received funding from the SBA Paycheck Protection Program. When the coronavirus shutdowns started to spread across the restaurant industry, they had to furlough 75 percent of their employees.
“In the beginning we were able to keep all of our managers on payroll, and an increase in the takeout business allowed us to bring back 50 percent of the staff, which is something we are proud of,” said Marc Rogers, Fuzzy’s Taco Shop owner. “This loan will help cover a significant portion of the remaining employees who were furloughed. From past experience SBA loans are usually laborious to complete. With the help of FirstBank, the PPP loan process was fairly simple.”
Mike Inzitari and wife Meeghan Gideon own a Minuteman Press franchise located in Lakewood and received PPP funding, which allowed them to bring back their three staff members.
“When the news of closures started to break, we furloughed one of our employees, and a couple of weeks later had to limit our second employee to 20 hours a week,” said Mike Inzitari. “We needed to move quickly, and thankfully the online application process was a breeze with the information that FirstBank provided. They really live ‘banking for good.’ We’re grateful to be a part of that, and be able to hire back our entire team.”
Mike also mentioned a trickledown effect that SBA PPP funding has on the community. For instance, with their graphic designer rehired, Minuteman Press Lakewood has been able to print approximately 600 yard signs for students graduating from Jefferson County schools. The loan funded their staff, who in turn have been able to execute on the project which they hope brings some joy to students missing out on a milestone ceremony.
FirstBank business customers who have yet to apply for a SBA PPP loan can visit efirstbankblog.com/sba-ppp-information for information on the application process. FirstBank will leave the application link accessible, provided funding for the PPP continues to be available.
The bank is also committed to providing financial flexibility to its customers. In addition to working with customers on individual solutions, FirstBank has created a customer relief program which includes loan payment deferrals, zero percent interest rates on credit cards and cash reserves, as well as waived fees. More information can be found at efirstbankblog.com/coronavirus.
About FirstBank
FirstBank began providing banking services in Colorado in 1963. Today, the bank maintains more than $20 billion in assets and operates more than 115 branch locations across Colorado, Arizona and California. FirstBank offers a variety of checking accounts, savings accounts, home equity loans, mortgages, and a full range of commercial banking services, including financing, treasury management and deposit accounts. Since 2000, FirstBank has been recognized as a leader in corporate philanthropy, contributing more than $65 million and thousands of volunteer hours to charitable organizations. The company is also unique in that a large portion of its stock is owned by management and employees, giving employees a financial stake in the bank’s success through its Employee Stock Ownership Program. For more information, visit www.efirstbank.com.
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