Planters Bank Receives Early Access to Newest Round of PPP Funding as CDFI
Planters Bank began accepting Paycheck Protection Program (PPP) loan applications on Monday, Jan. 11, as part of the Small Business Administration’s newest round of the program, which aims to help small businesses affected by the COVID-19 pandemic. Planters is a Community Development Financial Institution (CDFI) and therefore able to start accepting PPP applications before larger financial institutions begin PPP lending.
The Small Business Administration is prioritizing CDFI banks in hopes that this will help smaller businesses receive funding. In March of 2020 Congress approved an initial $349 billion for the PPP. An additional $310 billion was passed for a second round of funding and now lenders are beginning the third round of the program which was passed as part of a $900 billion stimulus bill in late December.
“With the latest round of PPP, Planters is already reaching out to our communities to help with funding,” said Planters Bank’s Chief Credit Officer Jim Quinn. “We want our local businesses to succeed, and we are here to assist with any questions they have.” In the first round of the PPP program, Planters Bank processed over 1,200 PPP loans for a total in excess of $79,000,000.
Celebrating over 100 years of banking, Planters Bank was founded in 1920 in Ruleville, MS. Planters Bank has grown to a region-wide banking system, with assets over one billion dollars, serving fourteen communities in twenty locations, as the bank of choice for customers across Mississippi and the region. Planters is certified by the U.S. Treasury as a Community Development Financial Institution (CDFI), a designation earned by approximately 100 banks nationwide. Learn more at planters-bank.com or on Facebook. Member FDIC. Equal Housing Lender.