Small businesses throughout Virginia and Tennessee are receiving much needed assistance from the Small Business Administration, thanks to First Bank & Trust Company. According to a recent announcement from the SBA, First Bank & Trust Company loaned $9.3 million in Fiscal Year (FY) 2019, a $2.6 million increase over the previous year.
Business banking solutions offered under the Bank’s Government Lending Division include 7(a) loans, 504 loans, CAP Lines, SBA Express and International/Export Program loans designed to address business challenges with expansion, working capital and change of ownership.
Kate Belcher, Assistant Vice President of First Bank & Trust Company’s Government Lending Division, commented on the increase, “Providing alternative financing to eligible small businesses that would not ordinarily qualify for loans through traditional lending sources is how we take care of our community,”
First Bank & Trust Company has also been active in the SBA Paycheck Protection Program. SBA records indicate that FY 2020, First Bank & Trust Company has already made over 2,925 PPP loans totaling $252.5 million to small businesses in Virginia, Tennessee and surrounding states. Participation in the SBA PPP loans by First Bank & Trust Company and other community banks has been “unprecedented” according to the SBA. “Our lending staff has been remarkable. They have worked long hours to provide small businesses with a much needed lifeline during the COVID-19 pandemic,” stated Raleigh Hayter, Chief Credit Officer for First Bank & Trust Company. “We are grateful to have this opportunity to be “first responders” to the financing needs of small businesses during this crisis.”