May 2, 2020, 10:27am EDT
For banks participating in the U.S. Small Business Administration’s Payroll Protection Program, the hours are long and the technological investments to process loans are costly, but the payoff is paltry, bankers say.
However, some community banks have had the ability to meet new customers because of the PPP.
Vista Bank’s President and CEO John Steinmetz said that although many of his employees are working around the clock to process PPP loans, the Dallas-based bank has worked with numerous small business owners that previously had not worked with Vista.
“It was incredible to watch people from around the state within our footprint, helping other Texas small business owners that may not even be in their community,” Steinmetz said.
Steinmetz said it was too soon to tell what the bank’s profit would be on the PPP, since it depends on what portion of the loans are forgiven, among other factors.
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