Independence Bank Restores Hope To Local Businesses In Time Of Need

Independence Bank has granted over 1,500 loans through the U.S. Small Business Administration (SBA) Paycheck Protection Program, a $349 billion emergency loan program created in response to the COVID-19 pandemic. The program, which was part of the Coronavirus Aid, Relief and Economic Security Act signed by the President, was first come, first served and exhausted all of its funding in just two short weeks. The loans processed by Independence Bank amounted to $156 million and if businesses follow the guidelines of the program, all $156 million will essentially be grant money with the loan forgiven.

“In these times of uncertainty, it has been rewarding for us to serve as the avenue for getting funds to small businesses in our communities when they need them the most,” stated Jacob Reid, Independence Bank President. “As a local business ourselves, we recognize that these organizations are what drive our communities forward, they are the backbone of our local economies, which is why we are dedicated to supporting them in good times, and the not so good times. But we know the impact that the pandemic has had on these businesses and we are grateful to be able to facilitate this program on behalf of the SBA and provide those families and their employees a little financial certainty and peace of mind.”

Independence Bank Loan Officers and employees were able to serve as a guide through a very uncertain and turbulent time. They even served as a resource for business customers who ultimately received their loans from other institutions, but looked to Independence Bank as a resource. The information the Bank shared was instrumental in guiding them through the program.

As banks have adjusted to the necessary social distancing requirements and what that means for doing business, digital banking options have become crucial to minimizing disruption to the consumer banking experience. Independence Bank has seen a significant increase in online and mobile traffic to their digital banking platform.

Independence Bank’s dedication to investing in the newest products and technologies to provide consumers with revolutionary banking has allowed the community Bank to provide unrivaled digital service during this time.

 

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Independence Bank is a regional community bank with 25 locations in Calloway, Daviess, Franklin, Graves, Hancock, Henderson, Hopkins, Jefferson, McCracken, McLean, Warren and Webster counties. One of the fastest growing banks in Kentucky and fifth largest, Independence Bank possesses the size and experience to serve the largest and most complex clients and offers trust and investment services and agricultural services. As a banking revolution for the people, by the people, central to Independence Bank’s mission is doing what is right and fair for customers, communities and employees. Independence Bank has been recognized in multiple categories by the American Bankers Association, including being named a Top Performing Bank and Best Bank to Work For, for 11 consecutive years, a Best Place to Work in Kentucky for 11 years and has assets totaling $2.8 billion.

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