Jack – based on our attorney's reading of the SBA guidance, loans to directors and ANY Associate of the Lender (as defined by the SBA SOP) are ineligible for you to make. Most banks in MS have worked with each other to do those loans for the directors and officers in a reciprocal way.
Dennis Ammann, CEO
Peoples Bank
NMLS# 523165
P.O. Box 7
Mendenhall, MS 39114
601-849-2210 Office
601-849-6220 Fax
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Peoples Bank, PO Box 7, Mendenhall,MS 39114, www.peoplesbank-ms.com
------Original Message------
We're a small $450mm Tampa based community bank and SBA7a has been a small business line for the past three years. Does anyone have clarity as to whether it's acceptable to make a PPP loan to a director that sits on your bank board? I'm primarily concerned with acceptability from the SBA's viewpoint.
Thanks for any insights,
Jack Barrett
John M. Barrett
President & Chief Executive Officer
jbarrett@firstcitrus.com
T: 813.926.1314
10824 North Dale Mabry Hwy.
Tampa, Florida 33618
First Citrus Bank | LinkedIn | Facebook | YouTube
American Banker 2019 Top 200 Community Bank
Greater Tampa Chamber 2019 Small Business of the Year Winner
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