(Joplin, MO) – On July 1, 2020, Arvest Bank released final data related to its participation in the U.S. Small Business Administration’s (SBA) Paycheck Protection Program. Arvest gained approval for 15,298 loans totaling more than $1.16 billion.
In the Joplin region, Arvest gained approval for 766 loans totaling more than $72,507,148.
Chad Evans, president for Arvest in Joplin, said he is particularly proud of the bank for accepting applications as soon as the program launched on April 3 – at a time when there were many unknowns surrounding the program – and for helping so many businesses with which the bank had no previous relationship. More than 25 percent of the more than 15,000 Paycheck Protection Program loans Arvest assisted in securing went to new customers.
“I couldn’t be prouder of the effort our teams made during both rounds of funding,” Evans said. “We had many associates from all areas of the bank that pitched in to make sure we took care of those who reached out to us for help facilitating the process. That’s just who we are and I think our commitment to supporting small businesses has become more evident than ever before.”
Arvest is also pleased to report 75 percent of its bank-wide loans were for $50,000 or less, and more than 59 percent were for $25,000 or less.
“It has been well-publicized that many small businesses missed out on the first round of funding,” Evans said. “As a SBA Preferred Lender, we understand that often, the smaller the business, the greater the need for assistance. We feel good about getting money into the hands of people who needed it the most.”
Arvest Bank operates more than 270 bank branches in Arkansas, Oklahoma, Missouri, and Kansas through a group of 14 locally managed banks, each with its own board and management team. The banks serve customers in more than 135 communities, with extended weekday banking hours at many locations. Arvest provides a wide range of banking services including loans, deposits, treasury management, credit cards, mortgage loans and mortgage servicing. Arvest also is one of a select few banks in the nation to have its mobile app – Arvest Go – certified by J.D. Power for providing an outstanding mobile banking experience. Arvest is an Equal Housing Lender and Member FDIC.
About Arvest Wealth Management:
Arvest Wealth Management offers wealth management, trust services and insurance products. Investments and Insurance Products: Not FDIC Insured, May Lose Value and Not Guaranteed by the Bank. Trust services provided by Arvest Bank
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