2020 has been an unpredictable and difficult year for everyone. COVID-19 led to a swift and severe recession that threatened businesses and individuals alike. The shutdown created massive unemployment and brought a once thriving economy to its knees.
As a community bank, we have a unique role to play in supporting the local economy, and that’s just what we’ve done. We strongly supported the SBA’s Paycheck Protection Program, which allowed banks to provide emergency loans to small businesses and nonprofits that desperately needed help. Our bank funded 80 of these loans totaling more than $3.5 million, all of which were made in Steele County to help businesses keep their employees working. During the next few months, we will work with these borrowers to ensure their loans are forgiven, in accordance with SBA guidelines.
Additionally, JumpStart Owatonna was created to provide local businesses with grants to help them during the pandemic. CBO stepped forward early on by donating $1,500.00 to this worthy cause. We also purchased JumpStart Owatonna t-shirts for our entire staff, which we have proudly been wearing to work every Friday to help raise awareness for this wonderful initiative.
This is what a true community bank does during times of crisis. We are proud to be Owatonna’s only locally owned community bank, and to provide leadership and support to Owatonna and Steele County.