Sterling increasing PPP loan originations for minority, small business owners

Published 6:38 pm Tuesday, March 30, 2021

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Sterling State Bank has announced that businesses not previously eligible for funding under the Payment Protection Plan may be now that they are increasing PPP loan originations for minority and small business owners.

“We have recently been able to expand services to minority owned businesses, micro businesses and other under-served businesses in Minnesota that for a number of reasons were not benefiting from this program initially,” said Sterling State Bank Vice President, Tyler Coleman. “The latest proposed PPP extension through the end of May would allow us to expand needed funding to more underserved and minority owned businesses in Minnesota. At this time, the majority of the loans we are processing are going to minority-owned businesses that have never before received any PPP funding. ”

The Bank has already approved 563 loans, many to first time PPP borrowers. This exceeds the number of PPP loans originated by Sterling State Bank in the first round of funding.    Approximately 75 percent of these approvals in the second round are for veteran, woman or minority-owned businesses.

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Small businesses that have not yet applied for PPP funding can reach Sterling State Bank either by phone at 866-396-6800 or through email at Bank staff will respond quickly and help individual small businesses determine if they are eligible for PPP assistance.