Southern Michigan Bank & Trust has announced the successful processing of more than 600 small-business-loan applications for local business customers, totaling approximately $75 million.
The loans were funded under the Paycheck Protection Program, a federal program established to help small businesses retain employees during the COVID-19 pandemic. Bank officials said more than $9 million of the funded loans were allocated to businesses in St. Joseph County.
Chairman John Castle said Southern Michigan Bank & Trust understood the importance of the Paycheck Protection Program, and its team worked around the clock to facilitate as many loans as possible.
Erin Arnett, of Arnett’s Landscaping in Constantine said the loan has been a great help after having to be closed for six weeks.
The average PPP loan size was approximately $117,000.