Final Results for PPP Loan Program for Minnesota Businesses | Sterling State Bank
On May 24, 2021 Sterling State Bank funded its final loan for a Minnesota business under the 2nd funding round of the Paycheck Protection Program (PPP). Sterling State Bank has enjoyed remarkable success, approving 1,660 PPP loans and delivering just shy of $100,000,000 to the communities we serve during the COVID-19 pandemic. The Bank anticipates almost 100% of the PPP loans it originated will be forgiven.
“The PPP program was a remarkable success for Minnesota businesses,” said Sterling State Bank President Justin McNeilus. “I’m especially proud of how effectively we delivered funding to our smallest businesses, many of them sole proprietors, women-owned and minority-owned companies. Our Bank provided fast, high quality customer service to employers who applied through us, regardless of their size and the amount of funding they requested. I cannot thank our employees enough for the work they put in to mastering the PPP program and delivering for our customers.”
The First Round of PPP
During the first round of PPP loan funding, Sterling State Bank processed over 500 loans. “Our employees literally worked around the clock during the initial rollout of PPP,” Sterling State Bank President Justin McNeilus stated. “For the first several weeks as everyone was working to understand the program Sterling State Bank had shifts of employees processing applications 24 hour a day. One team would work through the night, uploading applications to SBA, before handing off to our day shift. They in turn communicated with our customers, gathering documentation and preparing the applications for submission. It was an incredible moment for our Bank, our employees and our customers. I am proud of the jobs we help sustain through that period.”
The Second Round of PPP
In the subsequent round of PPP funding Sterling State Bank processed more than 1,100 additional loans, representing just under $100,000,000 in total loans funded. Sterling State Bank approved 1,146 loans totaling $42,443,150.49, with an average loan size of $37,035.91 in just the second round alone.
Businesses who were not able to access PPP funding before the program expired and need help funding operations are strongly encouraged to contact Sterling State Bank.
“We are an incredibly strong financial institution with plenty of money to lend and if there’s a business that needs additional funding, we want to help,” said Sterling State Bank Vice President Tyler Coleman.
The Paycheck Protection Program Dream Team
Almost every single employee at Sterling State Bank had a hand in the success of the PPP program at the Bank. From fielding customer calls to organizing paperwork to communication between branches, everyone stepped up to help our local community businesses.
We’d like to thank a special group of employees who spent the last several months focusing on this program and securing the funding for our communities:
Tyler Coleman (Vice President – Rochester, MN), Paul Rime (Branch Manager – Lakeville, MN), Annie Douangdy (Business Lending Specialist/Senior Credit Analyst – Rochester, MN), Troy Munsch (VP Commercial Lender – Rochester, MN), Madeline Steffel (Commercial Loan Processer - Rochester, MN), Adam Fuchsteiner (VP, Credit Operations – Rochester, MN), Adam Hartman (AVP Branch Operations & Lending – Rochester, MN), Melissa Fashant (Business Banking Specialist – Savage, MN).