News & Events

First State Bank Assists Businesses through the Paycheck Protection Program

Posted April 24, 2020

Trent and Aimee Platoff, owners of Minuteman Press located at 10762 Indian Head Industrial Blvd. St. Louis, MO 63132 in Olivette.

The Paycheck Protection Program (PPP) is an emergency lending program through the Small Business Association (SBA) under the Coronavirus Aid, Relief, and Economic Security Act. The program provides federally guaranteed loans with broad flexibility to help small businesses retain and pay employees during the COVID pandemic.

First State Bank assisted customers in applying for the program when the first round of founding took effect April 3, 2020. As an approved SBA lender, our goal was to help eligible customers get the financial relief needed to keep their businesses in operation. In less than two weeks, our commercial loan and retail banking divisions submitted PPP applications for 196 businesses.

Our team is glad to assist so many customers through the process because we all succeed when the businesses in our communities succeed. Trent and Aimee Platoff of Minuteman Press in Olivette, expressed their positive PPP application experience, “We know of many small businesses that were lost in the shuffle and had struggles in both the process and obtaining funds with many of the ‘big’ banks. We feel very fortunate to have our relationship with First State Bank and are thankful that you have been here to assist us during this time.”

Along with other lenders, we joined the call for further aid to assist small businesses after all initial funds were committed. With the recent approval of an additional 320 billion dollars of PPP support, First State Bank is ready to help more businesses get the funding they need to stay afloat. Visit our dedicated webpage for more information and the fillable online application . For further information and assistance please contact your bank representative.