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Benchmark funds more than $40 million in PPP loans

Benchmark Community Bank reported the bank has processed Paycheck Protection Program (PPP) loans in excess of $40 million to benefit nearly 800 small businesses.

The federal program accepted applications during two rounds launching April 3 and April 27. The Kenbridge-based bank has offices in 16 markets throughout Southside Virginia and northern North Carolina.

“Small businesses are the lifeblood of our communities,” Jay Stafford, president and CEO of Benchmark Community Bank, said. “They provide jobs, goods, and services that support families and other small businesses contributing to a superior quality of life in our towns and cities. It is critical that our nation’s banks team with the federal government to provide aid during this crisis.

“For some of these businesses, PPP was the tool they needed to keep their staff and operation intact until they can resume normal operations,” Stafford continued. “We are truly honored and privileged that they came to Benchmark when they needed help during this critical period. Our bankers truly went the extra mile working nights and weekends to help their community neighbors.”

“Community banks have a close connection to their customers contributing to their ability to quickly adapt to a difficult and changing PPP rollout. These are the banks that stepped up to contribute nearly 60% of all PPP applications.”