National bank FirstBank announced a $500,000 investment in the Larimer County Small Business Recovery Loan Fund Tuesday, June 23 in order to push forward economic recovery for small businesses in the wake of COVID-19.
FirstBank recently funded $75 million in SBA Paycheck Protection loans for over 800 companies in Northern Colorado, supplying more than $1 billion in SBA funds to almost 13,000 companies across states including Colorado, Arizona, and California.
“They’re the backbone of our economy, and it’s imperative they’re given the resources needed to thrive,” said Nicole Staudinger, Northern Colorado Market President of FirstBank regarding small businesses.
The small business loan program began in April with the goal of stabilizing businesses struggling from the pandemic and has created or retained over 520 Northern Colorado jobs. Businesses with fewer than 20 employees can receive up to $50,000 at a low, fixed-rate with no origination fee.
Furthermore, FirstBank has made a $75,000 donation to the Colorado COVID Relief Fund which provides resources to communities that the pandemic has hit hardest. Additionally, the Community First Foundation and El Pomar Foundation have partnered with FirstBank to contribute $150,000 to the Make4Covid movement, creating and distributing protective wear for hospital workers.
“Our commitment to serving communities runs deep and we recognize the value that small businesses bring,” said Nicole.
For more information about FirstBank’s response to the COVID-19 pandemic, visit www.efirstbankblog.com/coronavirus.