Centric Bank opens SBA program funding

Centric Bank opens SBA program funding

"America's faith-based small businesses and organizations play a vital role in providing employment opportunities, products, and essential educational, training and youth social services that benefit both our local communities and the overall national economy".

The Paycheck Protection Program (PPP) now allows certain eligible borrowers that previously received a PPP loan to apply for a Second Draw PPP Loan with the same general loan terms as their First Draw PPP Loan. "If you are a small business, minority-owned small business, or woman-owned small business and need information or have questions about the second round of PPP, we have a Centric Bank PPP specialist on call". One-third of small businesses surveyed by the Census Bureau between January 4 and January 10 say they would need financial assistance or additional capital in the next six months, up from almost 25% in mid-November.

"We are pleased to have opened PPP loans to CDFIs, MDIs, CDCs, and Microloan Intermediaries".

The Paycheck Protection Program is a loan established by the Coronavirus Aid, Relief, and Economic Security Act in March 2020 to provide a direct incentive for small businesses to keep or rehire their workers.

In the last round of PPP loans in April, the agency approved more than $52 billion to 475,000 borrowers in the first day and a half.

New and second draw PPP loans are also available. "After closing completely or limiting their practices to emergency-only dental care during the pandemic, dentists - the majority of whom are small business owners - have reopened their practices".

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