Bank of the Sierra Helps Small Businesses
May 01 2020 - 4:00PM
Business Wire
Utilizing technology, our community bank has
helped hundreds of small businesses receive approval for Paycheck
Protection Program loans
Bank of the Sierra announced today that it has helped hundreds
of its small business customers obtain approval to receive a
Paycheck Protection Program (PPP) loan through Thursday, April
30.
As part of the federal government’s Coronavirus Aid, Relief, and
Economic Security Act (CARES Act), the PPP provides loans that are
potentially forgivable in order to help small businesses meet their
short-term payroll costs and pay certain other expenses during the
COVID-19 pandemic. This loan program is administered through the
Small Business Administration and permits loans up to $10 million
for businesses with fewer than 500 employees.
Bank of the Sierra’s business-customer base is largely comprised
of small-to-medium size businesses throughout California. To date,
the average size of PPP loans approved is nearly $120,000,
demonstrating that our customers are some of the smaller businesses
that the PPP is reaching. Loan amounts approved ranged from just
over $1,500 to almost $3.2 million.
“We appreciate the hard work and dedication required to create a
thriving business,” said Kevin McPhaill, President and CEO of Bank
of the Sierra. “The entrepreneurial spirit that built Bank of the
Sierra 43 years ago is the same spirit that drives business owners
today. Each of our business customers play an important role in our
local economy, so regardless of company size or annual revenue, our
PPP application process was designed to assist customers based on
application submission order, regardless of size or revenues.”
Bank of the Sierra continues to embrace technology to better
serve its customers. The bank implemented a digital PPP application
process to streamline processing and improve productivity. A
dedicated team of experienced Bank of the Sierra lenders oversee
the application workflow, execute manual tasks, and assist business
customers through the PPP loan process.
“In the midst of the turmoil caused by the pandemic, I couldn’t
be more pleased with the outstanding efforts and contributions by
each of our team members,” said McPhaill. “Our teams are working
days, nights, and weekends to continue improving our customer
experience. Bank of the Sierra will continue to fight for small
businesses in the communities it serves.”
About Bank of the Sierra
Bank of the Sierra is in its 43rd year of operations and is the
largest independent bank headquartered in the South San Joaquin
Valley. Bank of the Sierra is a community-centric regional bank,
which offers a full range of retail and commercial banking services
with full-service branches located within the counties of Tulare,
Kern, Kings, Fresno, Los Angeles, Ventura, San Luis Obispo and
Santa Barbara. The bank also maintains a loan production office and
an online branch, and it provides specialized lending services
through an agricultural credit center and an SBA center. Bank of
the Sierra was recognized as one of the strongest and
top-performing community banks in the country with a 5-star rating
from Bauer Financial.
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version on businesswire.com: https://www.businesswire.com/news/home/20200501005108/en/
Mitchell Lee, Communications Specialist Matthew Hessler, SVP,
Director of Marketing (559) 782-4900 or (888) 454-BANK NASDAQ
Symbol: BSRR www.bankofthesierra.com
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