American Bankers Association Past Chair Laurie Stewart today said that her bank—Sound Community Bank in Seattle, of which she is president and CEO—has seen “great results” from Paycheck Protection Program loans made to small business customers over the last year. In an interview with NPR Marketplace’s Kai Ryssdal, Stewart observed that the current round of PPP funding has not been “quite as frantic as the first time around, and loan dollar amounts seem to be smaller.” She added that her bank has also seen “high levels of forgiveness” for PPP borrowers.
Speaking to her bank’s performance beyond PPP, Stewart noted that “we had a fine year. We were very busy with mortgage lending, not so busy in business lending other than the PPP.” As COVID-19 vaccines continue to roll out, she said she anticipates seeing demand picking up as consumers grow more confident about their safety. At Sound Community Bank, for example, Stewart said she has already seen increased demand for construction loans, as well as for small consumer loans to purchase things like used automobiles.
