ChoiceOne Bank, Lakestone Bank & Trust Processed 700 PPP Loans Valued over $100 Million

Posted by Adom Greenland on May 6, 2020 10:43:35 AM

ChoiceOne Financial Services, Inc. (Nasdaq: COFS) ("ChoiceOne”), the parent company of ChoiceOne Bank and Lakestone Bank & Trust, announced the Banks have processed over 700 Payroll Protection Program (PPP) applications with a value of over $100 million in April.

The federal Coronavirus Aid, Relief, and Economic Security (CARES) Act provides a variety of additional emergency relief programs for consumers and businesses, including the Paycheck Protection Program (PPP) guaranteed through the Small Business Administration (SBA).

“ChoiceOne Bank and Lakestone Bank & Trust are authorized lenders by the SBA to administer the Paycheck Protection Program,” said ChoiceOne Bank CEO and President Kelly Potes. “Together we processed over 700 Payroll Protection Program (PPP) applications for our small business customers. These loans have a value of over $100 million, which is significant considering this money goes back into our communities to help these businesses remain open and staffed.”

The Pine Ridge Bible Camp, a small, nonprofit business located in West Michigan, is one such business that was able to take advantage of a PPP loan to maintain the 100-acre Camp, offer some virtual programing and prepare for future camping activities. “The Paycheck Protection Program gave us a lifeline to survive to keep our full-time staff and maintain our Camp,” said Pine Ridge Bible Camp Executive Director Kevin Grifhorst. “If there is a silver lining to this pandemic, it has allowed us time to work on many of our cabins, grounds and facilities so the Camp will be in great shape when our campers come back, hopefully yet this summer.”

Preparing to celebrate its 75th anniversary next year, Pine Ridge Bible Camp is among many camps around the world that have been hit hard. Normally, the Camp offers spring retreats and field trips to businesses and schools, which were all cancelled. Because of the coronavirus pandemic, all gatherings including summer programs at the Camp are in waiting for the time when guests and campers can return safely.

“While larger banks struggled to process PPP applications during the first and second rounds of funding, our staff across the state worked hand-in-hand with our small business customers like Kevin at Pine Ridge Bible Camp,” said Potes. “Because we are a community bank, we know and understand our customers and therefore can work quickly to meet their needs.”

About Pine Ridge Bible Camp

Founded in 1946, Pine Ridge Bible Camp sits on 100 acres in Cedar Springs offering overnight and day camp for children, youth, and special needs campers. Pine Ridge exists to share and model the message of Jesus in a safe, innovative, and relational setting. Retreat facilities are available for churches, schools and other organizations. For more information see www.pineridgecamp.com.

Topics: community