In 1908, Peoples Bank opened with a commitment to providing service to rural Simpson County, much of which lacked access financial institutions. During the Great Depression, the bank attracted accolades by refusing to close as banks locked their doors across the nation. More banks closed in America that day then any day before or since, but Peoples Bank committed serving its community and stayed open. Today, Peoples embraces the principles established by our founders; traditions that begin with personal service and traditions and evoke corporate citizenship in the areas they serve.
The U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) announced $5 billion in New Markets Tax Credits today that will spur investment and economic growth in low-income urban and rural communities nationwide. A total of 100 Community Development Entities (CDEs) were awarded tax credit allocations, made through the calendar year (CY) 2020 round of the New Markets Tax Credit Program. The 7 CDBA member banks receiving awards were Central Bank of Kansas City, The Harbor Bank of Maryland, Peoples Bank, Legacy Bank & Trust, Sunrise Banks, Southern Bancorp, and United Bank.
New Biden administration rules overhauling the way small business loans are doled out will potentially leave thousands of sole proprietorships and the self-employed on the sidelines, despite the president's pledge to give them better access to pandemic aid. The Small Business Administration quietly decided that the benefits that President Joe Biden promised to "one-person businesses" won't be available to many of those who have already received aid from the program. The agency concedes those businesses were shortchanged under earlier rules — some received as little as $1 because of the way loans were calculated — but says it isn't able to let PPP borrowers increase existing loans. That means the more favorable new rules will only be available to new loan applicants. Dennis Ammann, the CEO of Peoples Bank in Mississippi, said "it seems as though the small businesses who needed the most help are being penalized."
Community Development Financial Institutions, or CDFIs, are utilizing all resources at their disposal to help small businesses stay afloat as the novel coronavirus spreads throughout the U.S. CDFIs serve customers typically overlooked by mainstream financial institutions. Beneficial State Bank, an FDIC-insured CDFI that provides commercial banking services to underserved communities, had received 500 phone calls a day about PPP two days before the program even launched on April 3, Interim CEO Randell Leach said. CDBA members Bank Plus, Mission Valley, NOAH Bank, Peoples Bank, and Sunrise Banks are also mentioned in the article.