First Dakota helps SD businesses and farms receive $140 million in COVID relief
April 15, 2020, Yankton, S.D. – First Dakota National Bank is playing an important role in securing millions of dollars in low-interest federal loans to hundreds of South Dakota businesses and farms. In its ongoing effort to help employers weather the financial storm caused by COVID, First Dakota has already funded more than $100 million, with at least another $40 million on its way.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act contains the Paycheck Protection Program (PPP) to assist businesses facing financial challenges related to the COVID outbreak. The program’s low-interest loans are being facilitated through the Small Business Administration (SBA). First Dakota National Bank is a Preferred Lender with the SBA, and started funding PPP loans on Wednesday, April 8.
“This timely relief funding provides critical stability for businesses that drive our struggling local economies,” said First Dakota President and Chief Operating Officer Rob Stephenson. “The loans we’re doing support more than 800 businesses and farms and over 20,000 jobs, providing financial hope to countless households affected by the response to the coronavirus. We’re all doing a great job preventing the spread of the virus, but these preventive measures are causing extreme hardships for businesses and employees. These loans can’t solve the entire problem, but they can help keep doors open and families taken care of.”
For additional information about the PPP Program through First Dakota National Bank, contact Rob Stephenson at (605) 665-4994.
ABOUT FIRST DAKOTA
First Dakota National Bank was founded in 1872 and holds the first bank charter issued in all of Dakota Territory. It has 18 full-service banking locations in 13 South Dakota cities. It also has five loan production offices throughout South Dakota and Nebraska.