Few banks have seen more success distributing Paycheck Protection Program loans to their communities than Tennessee-based CapStar Bank.
As one of the nation’s leading SBA lenders, CapStar understood how important government-backed loans can be for small businesses—trying times or not. And no one understands this better than CapStar’s Director of Government Lending Mark Niethammer.
When the PPP was announced and lenders’ rolls were established to distribute these funds, Mark didn’t hesitate to find technology that could help them solve the problem he knew was coming from a mile away: scalability.
“There’s no way a bank will be successful [in PPP] without the support of a platform like Numerated,” Mark said. It’s a key reason he and his team were able to successfully distribute PPP loans that helped save roughly 26,000 jobs in CapStar’s communities.
Now, with momentum building in the Senate around the $908B bi-partisan stimulus package, banks and credit unions are readying for a new wave of PPP funding.
While details are still negotiated, most reporting points to roughly $300B worth of stimulus being diverted to PPP in order to reopen originations.
Since the closing of the last round of originations late this summer, more than 90 percent of PPP borrowers have spent all of their relief capital, according to the National Federation of Independent Businesses. Further, their research indicates three out of every four small businesses that took out a PPP loan would take another, if made available.
This is all to say demand for relief through PPP may actually be higher than it was when the program originally opened earlier this year. As lenders prepare for this surge, they’ll want to look to their past experiences and the expertise of successful PPP lenders like CapStar as they set their strategy moving forward.
On Tues., Dec. 8, Mark will join our insights team for an important discussion on his experience with PPP. Join the 30-min session to hear Mark answer questions on:
- CapStar’s experience with PPP and preparedness for a new wave of funding
- Use of technology to scale and manage applications
- His borrowers’ progress on PPP Forgiveness
- Continuing a culture of exceptional customer experience, despite unprecedented challenges
- Lending beyond PPP and where the industry is headed in 2021
- Planning for the year ahead with stimulus on the horizon
Join our team on 12/08/20 at 3pm EST by registering today to save your seat.
About CapStar Bank
CapStar Bank, with assets of $3 billion, provides custom financial solutions to businesses and consumers through 13 locations in seven Tennessee counties. The bank has been recognized by Greenwich Associates, an international market research firm, as a CX (Customer Experience) national leader for small business banking. CapStar specializes in business lending for C&I, Commercial Real Estate, Healthcare and Small Business, as well as correspondent banking services and a robust treasury management platform. Personal banking specialties include tailored loan and deposit products, wealth management and mortgage products. For more information about CapStar, visit www.CapStarBank.com.