For those leading companies through the worst pandemic of our lifetime, COVID-19, you know it takes immense courage and strength, to lead a small business through adversity. It’s a tough challenge for the most experienced of entrepreneurs – now imagine leading a company through the coronavirus as a brand-new entrepreneur.
Is it the best-kept secret for today’s small business?
With the steady growth and expansion of Minnesota’s small business community, 21st Century Bank (“21st”) is proud to be #1 Third Party Lender Originator – of SBA 504 loans in the State of Minnesota for FY18*.
While there are still many hurdles ahead, many of 21st Century Bank’s small business customers are ready to make some major choices.
A PPP loan wasn’t the only thing that Element Indoor Golf and 21st Century Bank came together. When business partners Bradley Wohlers and Laurie Barger set out to fund their innovative small business idea, the young entrepreneurs faced immediate rejection.
When COVID-19 first struck, Chief’s Towing felt the crunch. Here’s how they were able to turn things around with a PPP loan through 21st Century Bank.
As a lender who has been very active in SBA 504 and 7a for the past 10 years, I still see a lack of knowledge base on when to use SBA products—many customers never get the benefit from these programs as these are programs that most banks don’t know how to use effectively. If greater understanding from bankers, customers, and advisors existed, there would be even greater usage of the program; small businesses would be better positioned to grow; and there would be more benefit to the economy.
We can all agree – it has been one heck of a year so far, for all of us. As we continue to navigate this global pandemic, both as individuals and small business owners, we must take time to be thankful for what we have and what we’ve accomplished.
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