Oklahoma State Bank awards $10.4 million in small business loans through Paycheck Protection Program

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Oklahoma State Bank awards $10.4 million in small business loans through Paycheck Protection Program

Wed, 04/29/2020 - 06:39
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Oklahoma State Bank has been proud to award 83 loans to Oklahoma small business customers, $10.4 million dollars total, through the Payment Protection Program. The Payment Protection Program is part of the CARES Act passed by U.S. Congress in response to the COVID-19 crisis.

“As a local bank with close ties to our communities, we’ve seen firsthand the uncertainty and fear that Oklahoma small business owners and workers are feeling right now,” said Jim Canton, President and CEO. “These are more than our customers, they are literally our friends and neighbors. We want to do whatever we can to help ease the burden they’re feeling right now.” Oklahoma State Bank is an experienced lender with more than 100 years of experience in serving Oklahoma families and businesses. Through the Paycheck Protection Program, Oklahoma State Bank has helped small business stay more financially stable throughout the COVID-19 crisis, including:

• Awarding PPP loans to 83 small businesses, totaling $10.4 million.

• Helping small business retain 1,350 employees. In total, Oklahoma banks have made 35,557 loans, approximately 2.2% of the total 1.6 million loans distributed. Oklahoma received $4.6 billion, or 1.3%, of the total dollars disbursed through the CARES Act. “Small businesses are the backbone of our community, so keeping them strong helps all of us in a very tangible way,” said Jim. “We’re honored to help small business owners and workers—our family members, friends, and neighbors—ride out this horrible crisis, and be ready to get to work when it ends.”

OSB offers a full suite of financial management tools and solutions for private and business customers, including remote deposit capture, merchant solutions, mobile deposit, standard lockbox, SBA and accounts receivable lending, as well as traditional personal and business deposit and loan offerings. Chartered over 100 years ago, Oklahoma State Bank now employs 34 people in four Oklahoma communities: Norman, Edmond, and Guthrie. A member of the FDIC, the bank is an equal housing lender. Learn more about Oklahoma State Bank at osbbank.com or call (tollfree) 844-672-2265.