Nebraska banks have applied for more than $1.4 billion dollars in loans through the Small Business Association.
“They work 24-hours a day – literally – in putting these applications by doing shift work around the clock to make sure our customers are taken care of and that this program will have an impact economically for the city, state and nation,” Barry Lockard, president and CEO of Cornhusker Bank, tells KLIN News.
Lockard says his bank has processed 400 applications equivalent to 50 million dollars in loans since the program started on April 3.
The demand is high, but the biggest advantage is their customer relationship.
“We also know Lincoln well and know what’s out there and needed in order to ensure we’re handling what restrictions there are from the government but that we are communicating effectively and getting out information to the customer in a timely matter so they can get with their accountant or financial investor to make decisions,” he said.
Lockard says enrollees need to fill out their application with their accountant first before going to their bank to apply.
“It’s really being looked at to keep people on their payroll during this coverage period of 8 weeks,” he says. “They need to look at that and talk with their financial advisors and understand where they’re at in that cycle.”
He added the borrower needs to bring the amount they need instead of the bank. The best advice Lockard gives before coming in is to talk with a financial advisor or accountant to understand your financial position.