Delivering Loan Products to our Communities
Paycheck Protection Program Loans Provide Critical Funding
2020 brought the COVID-19 pandemic to communities all over the world. In addition to working quickly to protect our employees and customers from the virus, we also worked to help our business clients that were affected by the pandemic through Paycheck Protection Program (PPP) loans offered by the Small Business Administration (SBA). In a few short weeks, we provided critical funding to 2,409 clients totaling $571 million in the first round of PPP activity. As we entered 2021, we began working with our clients to ensure that their PPP loans qualified for forgiveness as rapidly as possible and initiated another round of PPP lending with our clients. The efficiency and speed of our PPP process was exceptional.
We’re proud of our PPP numbers, but they only tell part of the story. Every one of our customers who needed, qualified and applied for a PPP loan was served, regardless of whether they were a commercial client, a private banking sole practitioner, or a business served by branch bankers throughout our footprint. Every single client. Here is what they told us.
“From my perspective as a client, the feeling was that everything was done to get this loan processed and funded with the highest sense of urgency and as efficiently as if I were the only client being helped. And I cannot emphasize how crucial this funding was and is to our practice, our patients, and our employees, during these most difficult and challenging times.”
“Got the wonderful word late today that the Paycheck Protection Program loan application for our company has been not only approved but funded. Kudos and thanks—I know this ‘easy’ funding has been anything but to get, and I am equally certain that, but for the focused efforts of Lake City, this good news would likely never have happened for us.”
“When I deal with Lake City Bank, I always feel like I am the office’s most important customer, no matter what I need. We were able to get a PPP loan from Lake City Bank to help keep our business going, and the service and attention we received was exactly the same—we were treated like VIPs.”
“I applied for the PPP SBA program with my banker last week…her knowledge of what was needed to get it done and keeping abreast of the SBA’s changing documents was simply outstanding. She also contacted me well before the other banks I have relationships with did, which was really appreciated in this time of uncertainty.”
“I want to express my sincere appreciation to you and your team at Lake City Bank for the extraordinary effort made to work with our CFO to secure SBA approval of our PPP loan that was funded last week. It did not escape my attention that many of your email communications with us were sent late evenings and over weekends. So thanks again for everything you did, and for going the extra mile to get us approved under this program during the brief window of opportunity that was available.”
“I wanted to reach out to you and say thank you for how LCB and its people handled the SBA loan for my company. You folks were on it! I have several friends and business associates throughout the tri-state area who were applying for the same loan and didn’t have near the success that I had in getting their loans processed. I received my funds 12 days after I dropped off my application. My banker did a great job keeping me informed on the changes that were happening as everyone was trying to figure out how it was going to be handled.”
“What has blown us away is your manager treated us the entire time as though we were a beloved friend and gave us professional help as though we were a multi-million dollar account.”
“Our banker reached out to us in advance of the PPP rollout and did a tremendous job—we can’t thank him enough for his attention to our small business and he has been a pleasure to work with. The Lake City team was obviously prepared and committed to helping its customers.”
Small Business Administration (SBA) Loans
Lake City Bank is an approved lender in the Small Business Administration’s (SBA) Preferred Lender Program. With this designation and our relationship with the SBA, we are able to approve SBA Express and 7(a) program loans. These programs help facilitate start-up business financing, and help eligible small businesses obtain SBA guaranteed financing for a variety of general business purposes. The bank, participating with Certified Development Companies (CDCs) located throughout our footprint, also offers SBA 504 Loans, which are used to provide financing to support the capital needs of growing businesses.
Small Business Loans
As a community bank, Lake City Bank provides financing solutions for businesses, regardless of size. Our Small Business Lending team works with our Retail Banking officers to deliver credit solutions to small businesses throughout our footprint. We provide a wide variety of financing products to support the growth of small businesses, including:
- Business term loans for permanent business needs such as equipment, vehicles or permanent working capital
- Revolving lines of credit to provide short-term working capital for accounts receivable and inventory purchases
- Commercial mortgage loans that finance expanding existing space or purchasing new space
- Agricultural term loans and lines of credit to finance agricultural land, working capital, livestock, crops, or machinery and equipment purchases