The latest guidance we received on Friday night, April 10th was that we can not make a loan to one of our own directors. I have asked one of my local competitors to assist me with their request and I have offered to reciprocate. I have offered the same to a couple other banks in the area and was able to help them too.
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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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