February 10, 2021 (Beloit, WI) – The Small Business Credit Survey from the Federal Reserve Bank revealed that community banks were the most popular and successful source in obtaining PPP funding for local businesses, leading to a satisfaction rate of 81 percent among small-business loan applicants, compared to the 68 percent satisfaction rate at large banks.
Since the beginning of the COVID-19 Pandemic, Blackhawk Bank has helped many local businesses apply for PPP relief, with the first round starting in April 2020 and the Second Draw beginning in January 2021.
“Since the first round of the PPP, the Blackhawk Bank Commercial team has worked tirelessly to ensure that our clients could obtain much needed funding,“ says Dave Adkins, Blackhawk Bank President and CEO. “Our highest priority has always been client success, especially in uncertain times, and this survey reflects just that.”
In addition to having a high success and satisfaction rate, the survey also found that community banks held the largest share of PPP applicants. Community banks accounted for 48 percent share of PPP applicants, compared to the 43 percent share of large banks.
“To know that community banks held the highest percentage of PPP applicants shows the trust that local business owners have placed in community banks,” says Adkins. “Our team lives and works in the communities we serve, so we understand that access to PPP funding means that local businesses can keep their doors open.”
About Blackhawk Bank
Established in 1881, Blackhawk Bank has served individuals, families and business owners for 139 years. The Bank operates eleven full-service banking centers in Beloit and Janesville, Wisconsin and in Rockford, Belvidere, Machesney Park, Roscoe, McHenry, Island Lake, and Richmond, Illinois. The Bank also operates a Business Banking Center in Elgin, Illinois and a Mortgage Processing Center in Roscoe, Illinois. Complete information about Blackhawk Bank can be found at www.blackhawkbank.com. Member FDIC | Equal Housing Lender