Governor Polis and the Colorado Office of Economic Development and International Trade (OEDIT) recognized banks, credit unions and community development investment funds (CDFIs) for their work throughout 2020 to process Paycheck Protection Program (PPP) loans for Colorado businesses.

“The efforts of the Coloradans have enabled us to rebuild stronger. Our lending institutions processed 196,258 loans, providing over $ 15 billion in funds with an average loan size of $ 77,144, or 14.31% more than the national average, ”Governor Jared Polis said. “This money saved thousands of jobs and helped bring Colorado back.”

The governor and Frances Padilla, district manager of the Colorado Small Business Administration, recently recognized the lenders.

Padilla praised the state’s many lenders of all sizes for the “Herculean” efforts they have made since April 2020 to help save Colorado small businesses.

“This recognition of our state’s vast network of credit institutions is well deserved and appreciated,” said Padilla. “Banks, credit unions, CDFIs and mission-based lenders were key to ensuring access to the Paycheck Protection Program and this vital help was channeled to nearly 200,000 successful applicants. While many entities are to be commended for their tireless work over the past 18 months, our lenders have made a difference in the ability of small businesses in Colorado to keep their employees on the payroll and ultimately survive.

The winners were selected by OEDIT in collaboration with professional associations of lenders using data from SBA lenders as of July 1, 2021. Recognized institutions were divided into seven levels, based on Colorado filings. or classifications of lenders.

Level 1, $ 5 billion or more in Colorado deposits
First bank
American Bank, National Association
Wells Fargo Bank, National Association

Level 2, $ 1 billion to $ 4.99 billion in Colorado deposits
Bank of Colorado
Alpine bank
Zions Bancorporation, NA

Level 3, $ 300-900 million in Colorado Deposits
Timberline Bank
First southwest shore
The First National Bank of Las Animas

Level 4, $ 200-299 million in Colorado deposits
Points of the West Community Shore
Bank of the High Plains
In the bank
Bank of the High Country

Level 5, $ 100 to $ 199 million deposits in Colorado
FMS Bank
Bank of farmers and breeders
The Gunnison Bank and Trust Company
Wray State Bank

Level 6, $ 50-99.99 Million Deposits in Colorado
Rocky Mountain Bank and Trust
American Bank of Commerce
The Bank of Burlington

Level 7, up to $ 49.99 million in Colorado deposits
Tier 1 banking
ETF Bank
The Central Trust Bank

Not-for-profit lenders
DreamSpring
Colorado Enterprise Fund
B: Side Capital (formerly Colorado Lending Source)

All credit unions
CU canvas
Premier CU members
FCU Security Service
Colorado CU Partner

Colorado has received a proportional number of P3 loans relative to the size of the market. Colorado has 2.3% of the nation’s small businesses with fewer than 500 employees and received 1.65% of the total number of loans approved nationwide. The state appeared to have lower demand for PPP loans in 2021 compared to other states, based on our better-than-average economic recovery after the pandemic.

“Colorado residents, on the whole, received their vaccines early, which helped propel our state’s economic recovery,” said Pat Meyers, executive director of OEDIT and director of economic recovery at the State. “We continue to see indicators that our state’s strong economy is rebounding and with the recent FDA approval of the Pfizer vaccine, we are confident that the recovery will continue on its upward trajectory. “

“The initial effect of the pandemics on businesses in our community was intense,” said Jay Goddard, president of Points West Community Bank (PWCB). “Closed or reduced hours, supply chain disruptions, mask mandates creating challenges for customers, employee layoffs and significant overall revenue cuts. All of these factors put stress on our business owners and managers. When the Small Business Administration launched the PPP program, we saw the opportunity to help our Main Street businesses in Sedgwick County. “

“We reached out to all types of businesses in our area and got to work creating over 124 PPP applications. (You may have seen our lights on late at night at the bank as we struggled through over 100 pages of settlements with the program and entered claims online). Through our Julesburg bank, we were able to support our local businesses by raising over $ 2,875,796.42, ”said Goddard.

“We are proud to say that all PPP loans have been canceled and the funds have remained in our Main Street businesses. PWCB is a “community” bank and we love our businesses. It has been our privilege to serve our community and help wherever we can through this pandemic. Our overall goal is to keep the doors of our local businesses open and employees with a paycheck. We understand that the pandemic was and continues to be a challenge. Our team is here for you and will continue to support everyone in these times. Please contact us if you need assistance, ”Goddard said.