Northspan has long enjoyed a partnership with Wadena State Bank, which we have assisted with SBA 7(a) loans for years. When Covid-19 hit and the bank needed assistance with Paycheck Protection Program (PPP) loans, however, Northspan switched gears and provided vital gap capacity. Bob Palmquist and Amanda Vuicich familiarized themselves with the PPP application process and took the burden of submitting these materials to the Small Business Administration off the bank’s lenders so they could help businesses directly.
Over the course of three months, Northspan helped Wadena State Bank secure over $10 million in PPP funding for over 150 small businesses in western Minnesota. These funds, authorized by the CARES Act passed by Congress, provided funding for businesses to retain employees through the pandemic and helped them through the days of total shutdown at the start of the crisis. While the economic damage of the pandemic has been profound, this collaborative effort has helped keep businesses afloat and given their employees the lifelines they need. Northspan takes pride in its ability to respond to crises and will be on hand to help whenever the next opportunity arises.
“Northspan has done essential work for us since the start of the pandemic,” said Jeff Browne, the Executive Vice President of Wadena State Bank. “Bob and Amanda made it possible to help so many of the local businesses that are the heart of our economy.”
Contact Bob Palmquist at bpalmquist@northspan.org or Amanda Vuicich at avuicich@northspan.org to learn more about Northspan’s support for area financial institutions and businesses during the Covid-19 pandemic.