Kansas City, MO – April 24, 2020
– Commerce Bank recently conducted a live virtual education session titled, “Paycheck Protection Program (PPP): What it is and how it works.” The session was provided to local community groups and their members to provide information on the PPP that was passed by Congress in March, as a part of the CARES Act.
“We understand that many community groups and their members are under significant stress at this time. With additional funding to the PPP program pending from the U.S. Federal Government, we are here to help them understand the complexities of the program so that they can focus on what matters most. Commerce is prepared to assist as many customers as possible,” said Kevin Barth, chairman and chief executive officer for the Kansas City Region.
Previously with the first round of SBA PPP funding which was depleted in approximately 2 weeks, Commerce Bank secured SBA funding of approximately $1.5 billion for 4,529 customers, with median loan size of $64,000.
"Commerce Bank did an outstanding job of demystifying the SBA Paycheck Protection Program for entrepreneurs in underserved communities," said Kevin Wilson from America’s SBDC Small Business Empowerment Center.
“HEDC had been receiving calls from minority businesses seeking direction on how to apply for the Paycheck Protection Program
(PPP) and our team relied on the SBA portal for guidance. This past week, Commerce Bank simplified the information and organized a webinar to educate their clients on the program details. The information that was presented in the webinar was simple and easy to understand - which in turn made it easier to translate the information into Spanish without overwhelming our clients who we are working with to be ready to apply for the next round of funding. We would like to thank Commerce Bank for their dedication to our community!”, said Sonia Lopez Tinoco, director of community & business development for the Hispanic Economic Development Corporation.
About Commerce Bank
With $26.1 billion in assets1
, Commerce Bancshares, Inc. (NASDAQ: CBSH) is a registered bank holding company offering a full line of banking services, including payment solutions, investment management and securities brokerage. Commerce Bank, a subsidiary of Commerce Bancshares, Inc., leverages more than 150 years of proven strength and experience to help individuals and businesses solve financial challenges. In addition to offering payment solutions across the U.S., Commerce Bank currently operates full-service banking facilities across the Midwest including the St. Louis and Kansas City metropolitan areas, Springfield, Central Missouri, Central Illinois, Wichita, Tulsa, Oklahoma City, and Denver. It also maintains commercial offices in Dallas, Houston, Cincinnati, Nashville, Des Moines, Indianapolis, and Grand Rapids. Commerce delivers high-touch service and sophisticated financial solutions at regional branches, commercial offices, ATMs, online, mobile and through a 24/7 customer service line. Learn more at www.commercebank.com
1. As of December 31, 2019