Owensboro, Ky. Independence Bank has granted over 1,500 loans totaling $ 349 billion through the US Small Business Administration’s (SBA) Paycheck Protection Program
Emergency loan program created in response to the COVID-19 pandemic. The program, which was part of the President-signed Coronavirus Aid, Relief and Economic Security Act, was
First come, first served and used up all of your funding in just two short weeks. Loans processed by Independence Bank totaled $ 156 million, and if companies comply
Policies of the program are essentially granted all of $ 156 million with the loan being granted. “In these times of uncertainty, it has paid off for us to make funds available to small businesses in our communities when they need it most,” said Jacob Reid, president of Independence Bank. “As we are a local company ourselves, we know these organizations move our communities forward, they are the backbone of our local economy, which is why we are committed to helping them through good times and bad
good times. But we know the impact of the pandemic on these companies and are grateful to be able to support this program on behalf of the SBA and make it available to these families
and give their employees a little financial security and peace of mind. “
“We had small business owners who could leave our sites and call their employees and tell them their paychecks were still running,” Reid said. “Times like these are like that
Above. Rely on those to help you come together and take care of one another. I am proud of our team of employees who have invested countless hours to ensure that our colleagues
Business customers might even have a little moment of relief. ”Independence Bank’s ability to streamline the process based on their personal relationship with companies enabled them not only to speed up the process so that companies get their money faster, but them also strengthened the bank’s existing relationships with its customers.
Loan officers and employees of Independence Bank were able to serve as guides through a very uncertain and turbulent time. They even served as a point of contact for business customers who
eventually got their loans from other institutions but saw Independence Bank as a resource. The information shared by the bank was instrumental in getting it through the
Program. In addition to sponsoring the SBA Paycheck Protection Program, the Internal Revenue Service (IRS) distributed stimulus checks of up to $ 1,200 to millions of Americans. As banks have adapted to the necessary social distancing requirements and what that means for doing business, digital banking options have become critical in minimizing disruption to banking for consumers. Independence Bank has seen a significant increase in online and mobile data traffic on its digital banking platform. Independence Bank’s commitment to investing in the latest products and technology to bring revolutionary banking to consumers has enabled Community Bank to offer an unrivaled digital service during this time. Project Innovation, a bank-wide initiative launched last fall, gave customers access to advanced products and improved technology, making navigating their finances and processing transactions faster and more convenient than ever.
When bank locations were only operated as drive-thrus and community members offered protection, products such as interactive ATMs, mobile wallets, person-to-person payments,
external transfers and online account opening have provided customers with advanced technology normally offered by national banks, but with the customer service and trust
offered by a local bank. “When we launched Project Innovation, we focused on giving our clients the ability to get back to basics, focus on the big and small moments in life, but have revolutionary banking at hand wherever they are are, ”said Reid. “With the necessary restrictions around COVID-19, this is now more important than ever. Customers stay home, spend quality time with their families, and get used to this new normal, if only for a short time, but they have been able to continue banking with minimal disruption. With so many changes and changes, we’re happy to give our customers the confidence that their money is available and that their needs will continue to be met. ”The bank has taken extensive precautions to limit customer-employee interaction in order to Comply with the social distancing guidelines set by the CDC, including limiting exposure between departments, limiting traffic in public areas, moving from meetings to conference calls, increasing building and work area hygiene, and all unnecessary travel between markets set. Independence Bank continues to follow developments around COVID-19 and actively sends information to customers via email and other forms of communication. Further information can be found at www.1776bank.com/covid19 or call your local Independence Bank location.
ABOUT THE INDEPENDENT BANK:
Independence Bank is a regional community bank with 25 locations in Calloway, Daviess, Franklin, Graves, Hancock, Henderson, Hopkins, Jefferson, McCracken, McLean, and Warren
Webster Counties. As one of the fastest growing banks in Kentucky and the fifth largest, Independence Bank has the size and experience to serve the largest and most complex clients, providing trust, investment and agricultural services. As a banking revolution for the people, by the people, at the heart of Independence Bank’s mission is to do what is right and fair
Customers, communities and employees. Independence Bank has been recognized by the American Bankers Association in several categories, including Top Performing Bank
and Best Bank to Work For, Kentucky Best Place to Work for 11 years in a row, with $ 2.8 billion in total assets.