But few moments can compare to the harried period of applications filed to the Small Business Administration‘s Paycheck Protection Program and Economic Impact Disaster Loan program, when owners worked with local bankers to dot every ‘i’ and cross every ‘t’ on forms that might’ve save their existence.
New data from the Marin Small Business Development Center indicates that the work of those business owners, along with the steady hand of local bankers and the Mill Valley Chamber, yielded excellent results amidst nerve-wracking conditions.
According to the data for the period prior to June 30, Mill Valley businesses garnered 965 loans of $150,000 or less for a total of $32,395,311, representing more than 15 percent of loans under $150k in Marin and enough to retain 2,795 jobs, or nearly 14 percent of jobs saved in Marin for that period.
SBDC also indicates that Mill Valley businesses also were able to procure 96 loans of more than $150,000, with 69 of those loans valued at between $150,000 and $350,000, and 21 loans between $350,000 and $1 million. Mill Valley businesses garnered four loans between $1 million and $1 million, and two loans between $2 million and $5 million. Those loans secured represented 9.4 percent of all loans secured in Marin for that period, as well as 2,893 jobs retained, or 6.9 percent, according to the SBDC data.
Our estimates of the total value of the loans secured focused on the low end of the aforementioned ranges, so the totals could have been considerably higher. At those conservative estimates, the total 1,061 of loans issued to Mill Valley businesses before June 30 had an average of approximately $52,730 per loan.
Across all towns and cities in Marin, 6,404 loans of under $150,000 were secured at a total value of $225,332,352, enough to reportedly retain more than 20,000 jobs. Businesses obtained 1,017 loans valued at more than $150,000, with 607 of them valued between $150,000 and $350,000, another 297 between $350,000 and $1 million 66 between $1 million and $2 million, 38 between $2 million and $5 million and nine between $5 million and $10 million.
The bottom line: In the midst of utter panic in a pandemic, Mill Valley businesses owners, and the community bankers and businesses that helped them, stepped up in a crisis.