ANB Bank provides assistance to small businesses and people affected by the coronavirus pandemic in offering loans through a federal relief program as well as deferrals for customers with installment loans.
As of April 9, ANB Bank had approved about 1,200 loans worth a total of $208 million through the Paycheck Protection Program. The U.S. Small Business Administration-backed program offers forgiveness in repaying money used to cover payrolls for two months. While the $350 billion allocated to a relief program for small businesses in the initial federal coronavirus stimulus legislation was exhausted, additional funding is expected.
ANB Bank operates a total of 30 locations in Colorado, Wyoming and the Kansas City area.
“Our branches in the Grand Valley and Telluride have processed in excess of 130 application for over $20 million,” said Vance Wagner, regional president of ANB Bank. “While the SBA has made multiple changes, our team has been incredible, adapting to those changes so that we can deliver the much-needed funds to businesses in our footprint.”
Along with processing applications for the Paycheck Protection Program, ANB Bank staff called several thousand customers with installment loans in offering a three-month deferral program. Borrowers with a floating rate were informed ANB Bank had removed the interest floors through Dec. 31.
“I’m very proud of my ANB teammates,” Wagner said. “This is what it is all about, serving our customers, especially in a time of need.”