AgCredit Processes Over 3,150 PPP Loans for Farmers
AgCredit recently participated in the Small Business Administration’s (SBA) Paycheck Protection Program (PPP), a program created to assist small businesses with financial relief during the COVID-19 pandemic.
Through the two rounds of the PPP program, AgCredit was able to process more than 3,150 loans totaling over $62 million for current and new members. These funds help local small businesses support payroll and related costs with forgivable, government guaranteed loans.
The PPP originated in April 2020 to support small businesses facing economic challenges during the COVID-19 pandemic.
“We took an all hands on deck approach with our team to meet the needs of our members during the busiest time of the year for AgCredit. Part of our mission is to ‘Support Our Local Community’ so we knew we needed to participate in the PPP for the benefit of our members,” said Brian Ricker, AgCredit President and CEO.