Millennium Bank makes big impact with over 400 PPP loans to small businesses
DES PLAINES, IL. (May 28, 2020) -- Millennium Bank, a minority owned community bank, announced it has approved and processed over 400 Paycheck Protection Program loans averaging $68,000 below the national average of $115,000, with nearly 70% of loans going to minority owned small businesses.
"We recognized our role as a community bank and knew we had to provide a critical financial lifeline for as many small businesses as we could -- customers or not," said President and CEO of Millennium Bank, Nicholas Dizonno. "Employees worked around the clock and through weekends on behalf of businesses who otherwise may not have a chance to make it out of this pandemic without a PPP loan."
The U.S. Small Business Administration (SBA) PPP loans were designed to keep small businesses afloat during the COVID-19 pandemic, but many small businesses like CR Flowers & Things, located at 1932 S. River Road in Des Plaines, had difficulty receiving PPP loans from big banks.
After weeks of trying, Cathy Baske, owner of CR Flowers & Things, was finally able to receive a PPP loan from Millennium Bank following numerous rejections by large financial institutions. "After seeing an article of my frustration in the local newspaper, Millennium Bank contacted me and said they can help," said Baske. "I received a PPP loan and was hand delivered the check in just seven days. Thanks to Millennium Bank, I feel confident that I will make it through these tough times."
Millennium Bank saved over 3,340 jobs across the Chicago area with their PPP loan efforts and will continue processing PPP applications until the more than $100 billion in remaining PPP funds are exhausted.
Established in 2007, Millennium Bank is an independent, minority owned community bank with a focus on commercial lending, business banking and relationship building. The five-star rated bank is the only community bank in Des Plaines and has established itself as a leader in the community, providing hundreds of small businesses the opportunity to contribute to local economic development and business owners the opportunity to launch prosperous businesses to help their communities flourish.
About Millennium Bank:
Established in 2007, Millennium Bank is a BauerFinancial, Inc. 5-star rated, independent, minority owned community bank with a focus on commercial lending, small business banking and relationship building. Today, the top 100 ranked US community bank operates through their Des Plaines branch and has established itself as a leader in the community, providing hundreds of small businesses the opportunity to contribute to local economic development and business owners the opportunity to launch prosperous businesses to help their communities flourish. As the only true community bank in Des Plaines, Millennium Bank takes great pride in their efforts to encourage economic growth and provide opportunities for the individuals and communities they serve to achieve economic stability. Committed to personal service and relationship banking, whatever your banking needs are, Millennium Bank is here to provide you with the best possible banking experience. For more information on Millennium Bank, visit milbnk.com.
About the U.S. Small Business Administration
The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.