Cornerstone secures $165M in SBA loans for businesses

PALATINE - Cornerstone National Bank & Trust Company said it has made U.S. Small Business Administration-guaranteed loans to more than 560 small businesses for more than $165 million, as provided under the SBA's Paycheck Protection Program.

Cornerstone officials said its business bankers worked around the clock to handle customer's financial needs, and added the SBA approved 100% of the loans Cornerstone's existing customers applied for.

When the program began April 3, the bank was immediately ready and worked in record time to help lend money to small businesses through the program. The SBA announced April 16 that all of the initial funding had been allocated.

Cornerstone President and CEO Jeff Boundy credited excellent cooperation and communication with Cornerstone's customers and staff as key factors in achieving exceptional results.

"In these unprecedented times, Cornerstone and its talented and dedicated employees rose to an enormous challenge and delivered unprecedented customer service," said Boundy.

Boundy added they anticipate another round of SBA funding will occur to support small business with ongoing challenges.

"When that next round is approved, our team at Cornerstone stands ready to again serve the small business community with unwavering dedication and excellent customer service," he said.

For more information, contact Boundy at (847) 654-3000 or email info@cornerstonenb.com