Making a Difference, One Small Business at a Time
When the U.S. Small Business Administration (SBA) rolled out the Paycheck Protection Program (PPP) in response to the economic toll of the COVID-19 pandemic, Bank of St. Francisville helped administer funding to 197 small business owners, which helped 1,469 employees keep their jobs.
Take a look at what those business owners had to say about their experience working with BSF here. Their testimonials show why being a community bank matters in a time of need.
The highlighted statistics below, taken from the most recent PPP report released by the SBA, illustrate just how big of a part small businesses play in our economy thriving.
- Small businesses, as defined by the U.S. Census, employ 59.9 million people across the country.
- Among the lenders participating in PPP, 82.4% have less than $1 billion in assets.
- 86.5% of all loans were for less than $150,000.
- In Louisiana, 84% of all small business payroll was covered by PPP loans.
- In Louisiana, 73,825 loans were administered to small businesses to amount to a net total of $7.3 billion, helping keep 800,000 people on payroll.