“So that’s why businesses use local, community banks!”

Usually, we are not the braggadocios type. In fact, I often forget that it is important (at times) to showcase Deerwood’s many successes. In the midst of the chaos of these past few months, it has been very rewarding to see our team at Deerwood thrive.

Today, I’d like to show off the success that our business customers across Minnesota had with the Paycheck Protection Program (PPP). During the PPP application process, we kept hearing the same thing from many businesses that we were working with, “So that’s why businesses use local, community banks!”. Many businesses that we interacted with had similar stories: they weren’t getting the time or attention they desperately needed from their large, national banks.

Here at Deerwood Bank, we’ve been humbled and honored to have helped hundreds of Minnesota businesses access the PPP loan funds to keep employees on payroll and help ease the financial burden associated with the COVID-19 crisis.

Some fun stats to summarize our last couple of months:

• Small Businesses Served: 750
• Minnesotans Kept on Payroll: 11,202
• Total PPP Dollars Financed: $99,501,403
• Cups of coffee consumed by Deerwood Business Bankers during PPP application period: 1,446,327,000,000……..

Yes, we drank quite a bit of coffee!

Thank you for allowing me to brag about my team for a little bit. I hope you and yours are staying safe and healthy. We look forward to seeing you all soon.

John Ohlin, President/CEO