Summit Bank (OTC Pink: SBKO), in conjunction with Community LendingWorks, is donating $150,000 of its CARES Act PPP SBA loan income to make microloans to underserved members of the community in all three of its markets including Eugene/Springfield, Central Oregon and the Portland Metropolitan area.
Summit Bank is partnering with Community LendingWorks, a Community Development Financial Institutions Fund (CDFI) to create the microloan program, which launched March 15. Applications are available at communitylendingworks.org/apply-now.
The program will be made available to the following groups, in alignment with Community LendingWorks’ mission as a CDFI including:
- Minority-owned businesses
- Women-owned businesses
- Service-disabled veteran-owned businesses
- Emerging small businesses, particularly those operating out of low income areas in Oregon.
Last year, Summit Bank made $119 million in loans for small business relief efforts to 440 Oregon based small businesses and nonprofits to help maintain their workforces during the Coronavirus (COVID-19) pandemic. Earlier in 2021, the bank made an additional $61 million in PPP loans. “The injection of cash was very important to the communities where we operate,” said President and Chief Executive Officer Craig Wanichek. “That said, we’d like to do more to help minority-owned businesses, women owned businesses, disabled veterans and small businesses in low income areas succeed. Our partnership with Community LendingWorks enables small business owners in our communities to start, grow or enhance their businesses.”
According to Community LendingWorks Executive Director Lynn Meyer, “Providing access to capital is more important than ever, as the small business community looks to stabilize during these concerning times. Partnership like ours with Summit Bank is so impactful in providing needed support to the communities we serve.”
Summit Bank’s microloan program will also offer financial education as a key long term focus. Some primary goals for the program include breaking down barriers to banking and lending, education for business owners on how to access various types of funding and capital and raising awareness for business owners about how they acquire and manage their loans and cash flows.
Summit Bank is a certified SBA lender. The Bank’s SBA Division is consistently recognized as one of the top SBA lenders in the State of Oregon. With offices in Eugene, Central Oregon and Portland, Summit Bank is a business bank that specializes in providing high-level service to professionals and medium-sized businesses and their owners. Summit Bank is quoted on the NASDAQ Over-the-Counter Bulletin Board as SBKO.
