Browsing: SBA Paycheck Protection Program

Ag Banking

A majority of ag lenders—69.7%—reported that overall farm profitability increased in the prior year, due in large part to government support, which is estimated to account for 38% of ag borrowers’ net income, according to the 2021 Agricultural Lenders Survey conducted by ABA and Farmer Mac.

Commercial Lending

Eighty-two percent of small businesses said they maintained or gained trust with their bank in 2020 amid the COVID-19 pandemic, and an even greater majority—85%—believe that their needs are being met by their current bank, according to a new survey from consulting firm West Monroe this week.

Community Banking

Banks’ efforts to deliver Paycheck Protection Program loans to their small business customers and help them navigate the forgiveness process drove overall customer satisfaction levels to record highs in 2021, according to the latest J.D. Power Small Business Banking Satisfaction Study released today. Small businesses gave their banks a satisfaction score of 829, up from 822 last year.

Commercial Lending

Non-employer firms—those without full-time or part-time employees on payroll—that sought Paycheck Protection Program funding most frequently did so from large or small banks over online lenders, credit unions, or nonbank finance companies, according to findings from the Federal Reserve’s Small Business Credit Survey’s non-employer report released earlier this week.

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