Skip to Content
Close Icon

Apply for Online Banking

UBTC Helps Businesses Receive PPP Loans

The COVID-19 pandemic created hardships for people all over the world. While our first responders were called on to respond to the health crisis, our nation’s banks were appointed first responders for struggling small businesses through the U.S. Small Business Administration’s Paycheck Protection Program. 

As an official PPP lender, UBTC has helped many businesses receive funds that kept employees on payroll rather than in the unemployment line. Nearly 144,000 PPP loans were approved in Iowa totaling more than $7.5 billion — saving an estimated 800,000 jobs. Banks collectively helped more than 93% of those businesses apply for and receive their PPP loans — funding them with their own liquidity and relying on eventual forgiveness to help keep businesses afloat.  

“Small businesses are the backbone of Iowa communities,” said John Trewin, President & CEO at UBTC. As a bank, we value the strong relationships we build with our customers, and we’re committed to contributing to our local economy. We accepted our role in the Paycheck Protection Program immediately to ensure that the people we serve keep their jobs and local businesses continue to keep the economy moving.”

Nationally, nearly 9 million PPP loans have been approved totaling more than $734 billion in assistance to the nation’s small businesses. Just as in Iowa, banks across the country have worked hard to submit a vast majority of these loans. That’s because banks — particularly community banks like UBTC — value local businesses and understand the impact their success has on local economies. 

“When small businesses in our community were facing an unprecedented crisis that threatened their existence, we stepped up to help them survive,” said John Trewin, President & CEO. “That’s because we’re committed to our community and helping grow our local economy.”