62,500 and counting, that’s roughly the population of Flagstaff, and it’s how many jobs in Arizona have been saved through National Bank of Arizona’s efforts in helping businesses secure Paycheck Protection Program (PPP) loans. And while the high-level numbers are staggering – $731 million over 5,350 approved loans so far – what we’re most proud of is that jobs number.
Because the truth is, these aren’t just jobs: they’re individuals from nearly 160 cities and municipalities across Arizona who can continue providing for their families, rest a little easier at night and avoid having to make unimaginably difficult decisions due to a loss of income.
“We have a total of 13 employees. The PPP funds will have an immense impact on our practice and all of its operations… These funds that we received will be used to continue to cover employee salaries and wages, retirement funds, monthly health insurance premiums, rent, and utilities.”
– Angela Durrani, Desert Surgical Specialists
Small Businesses at the Forefront
Of the 5,354 loans we’ve helped get approved, 67% have been for small businesses with 10 employees or less. These kinds of mom-and-pop businesses form the backbone of any community – they aren’t just the kinds of places where the owner knows your name and treats you like a friend, these are the places that foster local economies by keeping money close to home.
“All of my employees are working and happy to be back. Things will take a while to get back to normal, but with PPP, we will be able to keep everyone working while we rebuild.”
– Dr. David Spalding, David Spalding DDS
Smaller Loans, Bigger Impact
Nearly three-quarters of all loans National Bank of Arizona has helped get approved have been for $100 thousand or less, with the median loan amount being $36,500. Given the number of small businesses we’ve been able to help, this adds up. But what’s notable about these small loans is that they can often have the biggest positive impact on the businesses that receive them. Because the truth is, small businesses can run on tighter margins, and something like a months-long stay-at-home order can have a much bigger negative impact on small businesses than it does on larger ones.
"It’s unprecedented... what we are going through, yet refreshing to know the value of relationship banking is still here to help."
Helping the Helpers
It’s unfortunate, but during times like these when demand for services from nonprofits and 501(c)(3) organizations is highest, donations and volunteering are at their lowest. In fact, a survey conducted in early May by the Alliance of Arizona Nonprofits indicated that nonprofits across Arizona had experienced a revenue loss of $40 million, with anticipated revenue of loss of $433 million by the end of the year. Through our efforts, we’ve been able to help 310 nonprofits and 501(c)(3) organizations obtain PPP loans.