Community First Bank of Indiana (CFB) announced an initiative to support every Hoosier nonprofit organization that has entrusted the bank to process their Small Business Administration (SBA) Paycheck Protection Program (PPP) Loan.
In total, CFB has donated over $96,000 to organizations in the communities they serve in central Indiana. Each donation was equal to the fee the bank earned, rounded up to the nearest $25 increment, for processing and funding each organization’s SBA PPP loan.
The PPP Loan provision of the CARES ACT was intended to assist small businesses/organizations facing challenges related to COVID-19, primarily helping them to keep workers employed.
Community First President and CEO Robb Blume said he believed from the start that this was the right thing to do to truly serve its communities.
“We know that, even in the best of times, raising funds in the effort to assist others can be a difficult task. With the economic uncertainty created by the COVID-19 virus, we wanted to help by putting all fees earned on not-for-profit PPP loans back into the hands of those organizations, to be used for the betterment of our communities,” said Blume.
Organizations supported include Kokomo Family YMCA, Bona Vista Programs, Family Service Association, Kokomo Humane Society, United Way of Howard County, Community Foundation of Howard County, VFW Post 1152, Turning Point – System of Care, Bridges Outreach, Greater Kokomo Economic Development Alliance, Heartpointe Church, Kokomo Urban Outreach, and many other deserving nonprofits.
“Community First Bank’s donation of fees from the SBA PPP loans to local nonprofits that are working to provide critical services to our community is a great opportunity to place funds right where they are most needed,” said Greg Aaron, president of the Community Foundation of Howard County. “The CFB fee donation to the foundation is eligible for a special Lilly Endowment Inc. Giving Indiana Funds for Tomorrow $2 for $1 gift match. This means the impact of the donated fee will be tripled. We thank CFB for supporting our community through this initiative.”