(Le Mars) –– Northwest Bank is recognized for their economic contributions and efforts with helping small businesses through the Paycheck Protection Program (PPP). The U.S. Small Business Administration’s (SBA) Iowa District Office has awarded Northwest Bank with the Impact Award.
Jayne Armstrong, District Director, U.S. Small Business Administration, commented, “Northwest Bank played a major role in saving a lot of local small businesses and non-profits during the COVID-19 pandemic. But it is more than
the borrowers. It is about our communities and the employees and families that rely on these small businesses and non-profits for their livelihoods. We are honored to recognize Northwest Bank for their hard work and commitment during these trying times.”
Kevin Eekhoff serves as the Le Mars branch president for Northwest Bank and says Northwest was recognized as being the second largest producers of PPP loans through out the state of Iowa.
Eekhoff says several local small businesses were assisted with the loan program.
Eekhoff says the loans were only at a one-percent interest, with many being a forgiveable loan. The local bank official says because of the PPP loans, Northwest Bank was able to expand its marketshare and pick up some new and additional customers.
The Northwest Bank official says with the second COVID relief bill being passed by Congress and signed by President Trump, there is yet another opportunity for small businesses to again take advantage of the program that is being made available.
Eekhoff says there is one change to the new PPP program that should prove to be beneficial for some small businesses that received the initial loan.
Northwest Bank is a $2.0 billion community bank that offers a full line of business, agriculture, mortgage, consumer deposit and lending services as well as wealth management services. Northwest Bank has offices located in Algona, Ames, Ankeny, Arnolds Park, Estherville, Fort Dodge, Humboldt, Le Mars,
Milford, Sioux Center, Sioux City, Spencer, Spirit Lake, West Des Moines and Omaha and La Vista, NE.