Fueling the community’s economy, one small business at a time
When the effects of the COVID-19 pandemic hit the steamboat economy, Yampa Valley Bank stepped in to do what it does best: support the local businesses that are the heart and soul of our community. community.
The bank’s loan department has worked tirelessly to secure loans for clients seeking help from the Small Business Administration’s Paycheck Protection Program, which the federal government adopted in April. While PPPs were the result of a national crisis, it was also the kind of work they were already used to as a community-based bank.
“As relationship bankers and dedicated members of the Steamboat Springs community, we are doing all we can to protect the strength of our small businesses,” said PJ Wharton, President and CEO of Yampa Valley Bank, “ which serve as economic engines of our economy. “
‘The Bank of the City’
The community of Steamboat Springs has ranked Yampa Valley Bank as the boat’s best bank for 8 consecutive years.
By prioritizing the needs of those who live, work, play and raise families here, Yampa Valley Bank serves its friends and neighbors as well as its customers. The bank can also see that its economic impact remains right here in the community.
“As a local bank, we believe we have a responsibility to support our communities,” said Wharton. “Yampa Valley Bank is proud of our ability to serve the community of Steamboat Springs in a way that the big banks cannot.”
That’s because every dollar that goes into the Yampa Valley Bank stays right here in the valley. The bank also strives to understand the unique financial situation of each customer.
Independent Community Bankers of America President and CEO Rebeca Romero Rainey said community banks provide more than half of loans to small businesses in the country and by prioritizing the needs of their local customers, they can quickly adapt and respond in times of crisis.
The faces behind the numbers
In total, the Yampa Valley Bank financed $ 39.7 million to 564 local businesses. The average PPP loan from Yampa Valley Bank was $ 70,000.
The bank’s adaptability and personalized service helped Yampa Valley Bank’s clients weather the storm with a little less stress. Chris Gander, of Moe’s Original BBQ, said Yampa Valley Bank has helped him keep staff employed and eliminate panic associated with the pandemic.
Justin Keys, owner of The Barley, agreed the bank-funded loan allowed him to get his team back on staff and receive paychecks.
“In such a stressful world, it was good not to have to worry about the team,” he said.
The bank was also able to donate $ 53,000 in April to Routt County LiftUp and the Moffat County Interfaith Food Bank through a match-purchase program in partnership with local restaurants.
“We encouraged people to eat out and support the restaurants we know and love in the community, and that money was matched by the bank to collect donations to local food banks,” said Chrissy Kunkel, administrator of the marketing at Yampa Valley Bank. “This is another example of the importance of community banking – being able to take that money out of our marketing budget at the last minute and put it into this campaign for an important cause.”
Non-profit organizations have also benefited from PPP loans. Integrated Community Executive Director Nelly Navarro said Yampa Valley Bank’s level of engagement and understanding of the community’s needs was impressive.