STAR Bank is pleased to share they have received approval on more than 1,000 SBA PPP loans for a total of $226 million. Upon learning of the SBA PPP program, the STAR team immediately pulled together a SBA PPP task force, developed a process, and executed that process. Serving as trusted advisors, STAR Bankers remained in constant communication with all applicants and were able to secure SBA funding for 98% of all PPP funds requested.
“The SBA PPP has offered companies across the nation, and in the communities, we serve, a much-needed boost to help justify maintaining payrolls through tough times. In many circumstances, an SBA PPP loan may be the only lifeboat a business has available, so we view these loans as critical assets. We are grateful that so many businesses across Indiana have turned to us to quickly and prudently facilitate the SBA Paycheck Protection Program,” says Jim Marcuccilli, STAR Chairman & CEO.
STAR has funded 50% of these loans to date and the remaining 50% are expected to be funded in the coming days.
“It was truly an honor to be able to have such a positive impact on communities from Angola to Indianapolis, helping more than a thousand employers continue to get paychecks in the hands of their employees across the Hoosier state,” says Kevin Wright, STAR EVP, Commercial Banking.
“The next step in the process is to help provide the capability for all of these loans to be forgiven through the SBA, which is the desired design of the program. We know that these forgivable loans are what will keep many businesses afloat, and keep our communities strong in the future,” says Tom Wright, STAR President.While the SBA PPP loan program has stopped taking application for the original $349 billion in forgivable loans, STAR Bank is ready, if more funding is made available.