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Spring Hope companies receive large Payroll Protection Program loans

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North Carolina bankers say they’ve worked to serve local communities since the Small Business Administration’s Paycheck Protection Program launched in April.

In Spring Hope, the largest loans have gone to Barnes Farming Corp. on April 27 and Edwards/Greenville on April 13, both in the $1 million to $2 million range, and Edwards Inc. on April 9 for $2 million to $5 million.

The SBA reported that 121,917 North Carolina small businesses have received $12.4 billion in funding as of June 30.

The total paycheck protection funding has supported 1.2 million North Carolina jobs with 80% of the total small business payroll in the state covered by the loans, said North Carolina Bankers Association President and CEO Peter Gwaltney.

Eight of the top 10 national paycheck protection lenders are headquartered in North Carolina or have a significant presence in the state.

From the beginning of the COVID-19 pandemic, North Carolina banks have worked with customers to help them with financial challenges, including payment deferrals, loan modifications, interest-only payments, mortgage and home equity payment forbearance with no late fees and suppression of credit bureau reports on affected loans. Each customer is unique, and banks have worked with their customers to develop tailored solutions that are best for each situation, Gwaltney said.

“North Carolina banks have done remarkable work throughout this pandemic,”Gwaltney said. “They have committed significant resources and manpower to support their customers and their communities. Our banks are strong and are committed to helping their customers and communities through the remainder of this pandemic.”

“North Carolina banks entered this pandemic from a position of strength, thanks to record capital and liquidity levels, as well as prudent planning and risk mitigation, said NCBA Chairman Charles Frederick, market leader of North Carolina for TD Bank.

“We are proud of the role we have played in the recovery of our state’s economy, and we look forward to continuing to assist our customers and communities through the PPP extension of Aug. 8,” Fredrick said.

On the national level, SBA also reported the following statistics as of June 30:

• 95.5% of PPP funding has been distributed by banks.

• 90.3% of PPP loans have been originated by banks.

• 78.2% of PPP lenders are banks.

• 27% of PPP funds went to small businesses in low- and moderate-income areas.

• 22.5% of PPP funds went to small businesses in historically underutilized business zones.

• 20.1% of the total number of PPP loans went to small businesses in rural areas.

Small businesses can visit www.sba.gov to learn more about the Paycheck Protection Program.

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