. home.aspx

NEWS

home.aspx
   


T Bank Contributes $100 Million in Paycheck Protection Program

May 13, 2020 / Nilesh Kumbharkar
SHARESHARESHARE

  • T Bank announced that it has received approval from the U.S. Small Business Administration (SBA) to fund over $100 million in loans through the SBA's Paycheck Protection Program (PPP).

  • T Bank has helped more than 1,000 borrowers secure PPP loan approval from the SBA.

  • T Bank is a designated SBA Preferred Lender and quickly developed a unique on-line program to accommodate the flood of PPP loan applications.


T Bank, NA, the wholly owned banking subsidiary of Tectonic Financial, Inc. (NASDAQ: TECTP), today announced that it has received approval from the U.S. Small Business Administration (SBA) to fund over $100 million in loans through the SBA's Paycheck Protection Program (PPP) created under the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act").

In the last six weeks, T Bank has helped more than 1,000 borrowers secure PPP loan approval from the SBA.  The average PPP loan size for T Bank's customers is approximately $100,000.  This is nearly 20% less than the average loan size approved by the SBA through May 8, 2020 (approximately $127,000), meaning that T Bank's lending program successfully aided small businesses as intended by the Paycheck Protection Program.   Significantly, the financing provided by T Bank under this program has helped, and will continue to help, hundreds of T Bank customers, as well as scores of small businesses who were not originally T Bank customers.
 

Read More: Samsung to launch US debit card and cash management account with SoFi


Our team has worked tirelessly to help our small business community, these small businesses employ thousands of people, and thanks to these timely loans, they received the funding necessary to keep employees on payroll. Our team members worked countless extra hours to help these companies secure SBA approval in an expeditious manner. I could not be prouder.

- Patrick Howard, Chief Executive Officer of T Bank.


T Bank is a designated SBA Preferred Lender and quickly developed a unique on-line program to accommodate the flood of PPP loan applications.  That program permitted T Bank to promptly underwrite the increased volume of loans.  The program also provided, and continues to provide, on-going banking services to a host of enterprises utilizing the PPP.

The ease of use and responsiveness of T Bank's on-line platform received strong praise from borrowers, including one who said: "I am floored and speechless at the speed in which this was handled. THANK YOU! I am impressed beyond words."


Read More: Visa’s Fast Track Program Accelerates Worldwide Growth of the Fintech Industry


T Bank will continue to accept and process SBA PPP loan applications as long as the current round of funding is available.  For more information about T Bank, or to get started on securing a loan under the PPP, visit www.tbank.com.


About T Bank

T Bank, NA, a subsidiary of Tectonic Financial, Inc., is a nationally chartered, FDIC-insured bank serving customers across the United States.  T Bank was recognized in 2020 as one of the Top 200 Banks in the United States by financial health analysts in Lending Tree's annual analysis.1 Its innovative approach to serving clients combines advanced technology with dedicated personal attention.  To learn more, visit www.tbank.com.


About Tectonic Financial, Inc.

Tectonic Financial, Inc. (TFI) is a financial holding company headquartered in Dallas, Texas offering banking, trust, investment advisory, third-party administration and recordkeeping, securities brokerage and insurance services to high net worth individuals, small businesses and institutions across the United States.  TFI has a non-cumulative perpetual preferred stock quoted on Nasdaq Global Select Market under the symbol TECTP.