Community First Bank of Indiana (CFB) has 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. CFB decided early on to provide the same level of excellent service to current customers and new relationships alike for these loans. The bank believed from the start that this was the right thing to do to truly serve its communities.
The bank also believed that the right thing to do was to support nonprofit organizations in this unique way of giving back. President and CEO Robb Blume said, “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.”
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.”
CFB would like to express sincere gratitude to each organization for the tireless work their employees and volunteers do for the benefit of others.
Community First Bank was chartered in 2003 in Kokomo, Indiana where they currently have three branches in Kokomo, two branches in Westfield, and one branch in Noblesville. Additional information can be found at www.CFBIndiana.com. MEMBER FDIC, Equal Housing Lender
