Local banks, businesses attempt to obtain CARES Act funding By Tim Mosier Trail-Gazette
and application processes. By April 16, funding across the country had been depleted. resident of the Estes “There were a few applicaPark branch of the tions that we were unfortuBank of Colorado, nately not able to secure fundChristina Kraft, says she and ing for prior to program her team have been working depletion but are ready to around the clock for the last finalize authorization if a secthree weeks in efforts to get as much funding in the hands ond round of funding is available, which is likely this of local business owners as week,” said Kraft. “Initial possible. “Bank of Colorado was com- approval and funding is only the beginning of this process. mitted from the onset to We are providing resources to understanding the program and planning for implementa- our borrowers to understand the current guidance for fortion to the best of our ability giveness requirements which under constantly changing will aid both the Bank and government guidance. Our borrower to maximize loan approach of early engageforgiveness when the next ment was to ensure the comstage of the PPP process munities and businesses we begins.” serve would have access to Even though funding is curmuch needed funding and retain community jobs,” Kraft rently depleted, the US Senate approved nearly $500 bilsaid. lion in additional aid on “I’m pleased to share that Tuesday (April 21) and the we received Small Business Administration (SBA) authori- House passed the bill on Thursday. The deal adds $310 zation for over 100 requests billion to the CARES Act’s and are in process of closing Paycheck Protection Program and funding over $15 million (PPP) and $60 billion for the of PPP Loans in the Estes SBA’s Economic Injury DisasPark community. Most borter Loan (EIDL) program. It rowers have received authoalso includes $75 billion for rized funding and we have hospitals and health-care proonly a handful of loans viders, and $25 billion for a remaining to close and fund new testing program. this week,” said Kraft. “Our Congress has now committiming approach is needs ted nearly $3 trillion in emerbased, meaning some businesses are seeking funding as gency funding in total “The program is widely quickly as possible while othanticipated to be replenished, ers prefer to wait until the required funding date as tim- though I would highly encourage everyone to call ing impacts use of funds their representatives in condirective and forgiveness eligress,” President and CEO of gibility.” Bank of Estes Park, Scott After the CARES Act was Applegate, said. signed into law by President Luckily, for some local Trump on March 27 the prosmall businesses, Bank of cess was opened up to appliEstes Park has been able to cations on April 3, giving quickly and competently take financial institutions roughly applications and disperse a week to prepare programs
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funding. “We took almost a week longer to get the program live because we wanted to get it right,” Applegate said. And it appears they have. “We were quoting – and will continue to quote, if the program is replenished – three business days from complete application to approval, and another three business days to actual funding,” said Applegate. While the bank will continue to quote applicant these times, some have experienced even quicker turnaround. “I filed two loan applications with Bank of Estes Park and got approval in 24 Hours and funding in 48 total hours,”
said local business owner, Charley Dickey. “I was funded this morning – thank god.” Through a joint venture with Colorado Lending Source, Bank of Estes Park was able to utilize resources of both institutions to get the program up and running quickly and efficiently. “Preliminarily, I can tell you that our program funded over 130 jobs in the Estes Valley before national funds ran out, with over $640K already disbursed,” Applegate said. Joel Delia, with Protech Plumbing and Heating in Estes Park what, sadly, had a more common experience for small business owners. See FUNDING, pg. 26
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