F&M Bank Provided $30 million in PPP Loans for over 300 Local Businesses Impacted by COVID-19

Galesburg, Brimfield, Peoria, IL—F&M Bank announced today that it has processed more than 300 loans totaling over $30 million under the Small Business Administration’s Paycheck Protection Program (PPP) to help local small businesses support payroll and related costs, saving approximately 2,944 jobs within the Galesburg, Brimfield and Peoria areas. The PPP, which was originally 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 this community, 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 Doug Sanders, President and CEO of F&M Bank. “I’m so proud of our staff, who have worked around the clock to process these loans and ensure 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.”
F&M Bank continues to help customers during this time. In addition to its PPP funding efforts, F&M Bank has made numerous contributions to local food banks, a $1,000 donation to the Galesburg Community Foundation’s Rapid Response Fund that provides support to nonprofits directly responding to emergencies or disasters in Knox and Warren counties, and through our partnership with Federal Home Loan Bank of Chicago, we are providing $20,000 to several area small businesses and nonprofit organizations that were heavily affected by the pandemic.
“Community banks stepped in to provide a helping hand to local small businesses—something that they do during both good times and challenging ones,” Independent Community Bankers of America President and CEO Rebeca Romero Rainey said. “Providing more than half of the nation’s small business loans, community banks prioritize the needs of their local customers and communities and quickly adapt and respond during times of crisis. By providing the lion's share of PPP loans, community banks have served an essential role in helping small businesses survive amid COVID-19, while saving countless jobs across our nation.”

According to the SBA summary of loan approvals through May 16, lenders with less than $50 billion in assets accounted for nearly 65 percent of approved loans—totaling 4.3 million—and more than 62 percent of the approved dollar amount—estimated at $513 billion since launch of the PPP. Nationwide, community banks have received an average of nearly 200 loan applications through the program ranging in size from less than $50,000 to more than $500,000, according to a recent ICBA survey.