Bank makes $500,000 contribution to the loan fund after approving hundreds of SBA Payroll Protection loans for small businesses across the region
FirstBank, one of the nation’s largest privately held banks with a focus on “banking for good,” is helping propel economic recovery forward for communities in the wake of COVID-19 — including small businesses in Northern Colorado. The bank, which recently funded approximately $75 million in SBA Paycheck Protection loans for over 800 Northern Colorado companies, today announced a $500,000 investment in the Larimer County Small Business Recovery Loan Fund.
“Our commitment to serving communities runs deep and we recognize the value that small businesses bring,” said Nicole Staudinger, Northern Colorado Market President, FirstBank “They’re the backbone of our economy, and it’s imperative they’re given the resources needed to thrive.”
The small business loan program, which aims to help stabilize businesses reeling from the pandemic, began in April with lending capital seeded by the Bohemian Foundation, the Fort Collins Area Chamber of Commerce and the city of Fort Collins. FirstBank’s investment will ensure more businesses with fewer than 20 employees can receive up to $50,000 at a low, fixed rate with no origination fee. To date, the loan fund has created or retained over 520 jobs in Northern Colorado.
Collectively, FirstBank has supplied more than $1 billion in SBA funds to nearly 13,000 companies across Colorado, Arizona and California. The bank has also led a number of COVID-related initiatives aimed at supporting small businesses, including a comprehensive customer assistance program and the launch of its Support Local webpage (efirstbank.com/supportlocal), connecting consumers to local restaurants.
In addition to bolstering local businesses, FirstBank donated $75,000 to the Colorado COVID Relief Fund, providing needed resources to communities hardest hit by the outbreak. And they partnered with Community First Foundation and El Pomar Foundation to contribute $150,000 to the Make4Covid movement, a Colorado-based start-up that creates and distributes protective gear for hospital workers using 3-D printing technology.
To learn more about FirstBank’s ongoing response to the COVID-19 pandemic, please visit: www.efirstbankblog.com/coronavirus.
FirstBank began providing banking services in Colorado in 1963. Today, the bank maintains more than $20 billion in assets and operates over 110 branch locations across Colorado, Arizona and California. FirstBank offers a variety of checking accounts, savings accounts, home equity loans, mortgages, and a full range of commercial banking services, including financing, treasury management and deposit accounts. Since 2000, FirstBank has been recognized as a leader in corporate philanthropy, contributing nearly $70 million and thousands of volunteer hours to charitable organizations. The company is also unique in that a large portion of its stock is owned by management and employees, giving employees a financial stake in the bank’s success through its Employee Stock Ownership Program. For more information, visit www.efirstbank.com.