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.
For more information on securing funding for your small business, click here. To see how all the ways BSF can help during this time, click here to view our COVID-19 resources page.