ABINGDON, Va., Aug. 20, 2020 /PRNewswire/ — 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.”
View the SBA report.
About the SBA
Created in 1953, the U.S. Small Business Administration (SBA) continues to help small business owners and entrepreneurs pursue the American dream. The SBA is the only cabinet-level federal agency fully dedicated to small business and provides counseling, capital, and contracting expertise as the nation’s only go-to resource and voice for small businesses.
About First Bank & Trust Company
First Bank & Trust Company, one of the top community banks in the United States, is a diversified financial services firm with office locations in southwest Virginia, northeast Tennessee, and New River and Shenandoah Valleys. Financial objectives are addressed by offering free checking products for personal and business accounts, and assessing lending solutions managed by mortgage, agricultural and commercial lending divisions. Comprehensive financial solutions are available through trust and brokerage service representatives.
For more information, visit www.firstbank.com or contact Nicole Franks[email protected]
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SOURCE First Bank & Trust Company