Challenge: The Coronavirus had a profound impact on rural small and mid-size businesses, causing many to shut down or lay off employees. As part of the CARES Act passed by Congress, small businesses became eligible for funding to retain employees through the pandemic.
Role: Northspan staff familiarized themselves with the Paycheck Protection Programs evolving regulations and aided with the application materials and submission to SBA. This allowed the local lenders more opportunities to focus on time spent with clients and increased their capacity to originate more loans.
Results: With Northspan’s help, Wadena State Bank was able to secure over $10 million in PPP funding, assisting 155 small businesses in Western Minnesota continue operations and retain employees.
Reference: Jeff Browne, Executive Vice President, Wadena State Bank jbrowne@wadenastatebank.com, 218-631-5261
Contact Bob Palmquist at bpalmquist@northspan.org for more information.