In the past two weeks, about 200 Yukon area businesses have been approved for Small Business Administration loans to pay their employees, said Randy Wright, President of Your Neighborhood Bank (YNB).
“I talked to one restaurant owner today, and they were thrilled to death because this helps keep them open,” Wright said.
When COVID-19 emergency proclamations were made in the state, counties and cities in March, businesses closed, services were cutback and workers worried about seeing another paycheck.
Then the SBA Payroll Protection Plan was approved and the first round of loans were made to small businesses for workers’ pay. A second round of loans is anticipated.
“We’ve approved about $6 million in loans to small businesses, to ma and pa, small, community businesses, so we are kind of proud of that,” Wright said.
His loan officers worked hard to learn how to help business owners apply.
“People went overboard working on it,” Wright said.
Wright said business owners have gotten help they have needed to not only apply, but to get the right documents to get started.
The Oklahoma Banking Association groups provided information on documents to be used, Wright said.
“We’ve been able to help several hundred customers who have applied,” Wright said
People can contact the bank to start applying for the anticipated second round, he said.
“So we can continue to help customers in the Canadian County area,” Wright said.
Wright said a number of loans were approved for area businesses Monday.
“We’ve worked to make sure we’ve got all the right documents in hand for businesses and that they have been approved. We have continued to work on some more applications, Wright said.
If the loans are used toward salaries and bills within 60 days, the loans are paid off in full by SBA, Wright explained
“When these funds are used for payroll it keeps people off of unemployment,” Wright said. “So it is good to help every body.”
He said the second round of loans should go smoother to keep employees paid and help keep small businesses afloat.
“The town has been very good to the bank and this is a way for us to give back,” Wright said. “That is the exciting part, seeing the small businesses in Canadian County that have been helped by this.”
For more information call the bank at (405) 354-5281.
