FreedomBank provides over $9M in PPP loans for local small businesses

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FreedomBank announced that, through May 28, it has processed 184 loans totaling $9,387,607 under the Small Business Administration’s Paycheck Protection Program (PPP) to help local small businesses support payroll and related costs. 

These loan funds helped save as many as 300 jobs primarily within Clayton, Allamakee and Winneshiek counties in northeast Iowa. The average loan size was $51,000. The PPP, which was launched on April 3 to address economic challenges caused by the COVID-19 pandemic, provides forgivable, government-guaranteed loans for the nation’s small businesses, which account for roughly 48 percent of the U.S. workforce.

“As relationship bankers and dedicated members of the communities we serve, we are doing everything we can to protect the vibrancy of our small businesses which serve as the economic engines for our local economy,” said Kathy Mueller, president and CEO of FreedomBank. “I'm so proud of our staff for working diligently to process these loans and ensuring that critical funds were able to get in the hands of those who needed it most. We will continue processing applications until all remaining PPP funds are accounted for.”

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