Missoula bank flooded with applications for small business loans

First Security Bank.jpg
Posted at 8:13 AM, Apr 20, 2020
and last updated 2020-04-20 10:23:24-04

MISSOULA — Missoula banks say they're slammed trying to get small businesses financial help right now.

First Security Bank says it has received more than 1,000 applications for Small Business Administration loans, amounting to $110 million for those businesses.

Even though the original $350 billion federal Paycheck Protection Program has run out of funding, First Security Bank is still holding on to new applications.

"There's a dire need out there. There's a lot of businesses that aren't able to operate at all through this. It's been a big struggle. Very, very painful for a lot of businesses,” explained First Security Bank President and CEO Scott Burke."

Burke adds while it is hard, he's impressed by the businesses in Missoula trying to stay afloat.

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