‘We want to help as many people as we can’; Cache Valley Bank is leading the way for small business loans

CONTRIBUTED CONTENT — The nation’s response to the COVID-19 pandemic has upended the lives of many Americans, but it has hit charities, local business owners and their employees especially hard. Small businesses are the backbone of the American economy, accounting for more than 50% of the country’s payroll, and while most business owners understand it’s often hard to stay afloat even in the best of times, some are finding it particularly difficult to endure the latest challenges.

Cache Valley Bank, Tabernacle Street location, St. George, Utah, date not specified, St. George News

As many businesses in Utah are struggling during this unprecedented time, John Jones, president of Cache Valley Bank, said they want to do whatever they can to help people weather the current financial storm. He told St. George News that since President Donald Trump signed the CARES Act – a $2 trillion economic relief package approved by congress at the end of March – almost 1.7 million applications have been processed for the act’s Paycheck Protection Program.

Jones said 3,700 applications were processed through Cache Valley Bank’s 18 locations, 1,600 from Southern Utah alone.

“We want to help as many people as we can in Southern Utah,” he said.

The program allows for $350 billion in forgivable low-interest loans of up to $10 million to help out the 30 million business owners across the United States keep their doors open. It is meant to cover operating expenses for an eight-week period and is available to companies that employ 500 or less workers, as long as at least 75% of the proceeds are used for payroll to keep or rehire workers.

The initial $350 billion earmarked in the package to help owners protect their employees was used up last week, leaving many in Utah wondering where to turn and searching for a bank that will process their application. However, it is not too late and Jones advises anyone who was unable to obtain funds to apply now for the next series of loans just approved by congress in a $484 billion package.

Cache Valley Bank was able to successfully secure funds for 100% of eligible customers during the first round of the program, and they are determined to help all small businesses and nonprofits in the St. George area overcome the economic damage arising from the coronavirus pandemic.

“We’re trying to encourage people, big and small,” Jones said.

He has seen loans go across his desk as low as $1,000 — whatever somebody needs to get by. The bank anticipates processing 1,000-1,500 more applications for the program.

“We’re not going to pick and choose which ones we help.”

While there have been some reports of business owners in Utah having problems getting started and being able to apply for the program at some banks, Jones said as a community lender, Cache Valley Bank is there to solve those problems.

When customers come in for help, he said it is a different experience than they’ve come to expect from other banks. Their neighbors are extremely important to them, and they put in the necessary man hours and grit to make the entire process smooth, efficient and stress-free for their clients.

Jones cautioned that the Paycheck Protection Program funds are limited, but they will treat all applicants on a “first-come, first-serve basis.” Although they can’t guarantee funds will be available for every application, he said that Cache Valley Bank cares deeply about all small businesses, both existing customers and new customers, and they will continue to process applications until funding runs out.

“We’re just taking people one-by-one and getting them through the process,” Jones said, adding that they expect the funds to deplete quickly again — so it is important to apply now. “Most businesses in Washington County qualify.”

Once approved, funds are distributed in about 10 days. The best way to get started is for business owners to contact their accountant and have them submit their application to the bank at no cost. The application is complex, and this helps to avoid errors and allows the bank to process submissions more quickly.

“They know the checklist of items that we need, and it will really just expedite the process,” Jones said.

The loans are due after two years and carry a 1% interest rate, but given the extreme nature of the coronavirus pandemic, Cache Valley Bank has agreed that 100% of the proceeds it earns on these loans will be donated to local health care providers. CEO George Daines said they are grateful to the health professionals in our communities who are putting their lives and their families at risk to help the sick of Utah.

“We consider this program to be an important and necessary bridge from our present difficulties to a brighter future for small businesses in our communities,” Daines said.

Jones echoed his statement, saying everyone is going to survive together and Cache Valley Bank wants to do whatever they can to help.

“It’s a great way to help us through these next two months,” he said.

Cache Valley Bank is a member of FDIC. They operate four offices in Southern Utah and 14 other locations across the state. For more information, visit their website or call 888-418-5333. Members await.

Written by ANDREW PINCKNEY, St. George News.

• S P O N S O R E D  C O N T E N T •


  • Cache Valley Bank  –  Tabernacle | Address: 294 E. Tabernacle St., St. George | Telephone: 435-673-9610 | Website.
  • Cache Valley Bank  –  River Road | Address: 1224 S. River Road, St. George | Telephone: 435-627-1100 | Website.
  • Cache Valley Bank  –  Sunset | Address: 1091 N. Bluff St., St. George | Telephone: 435-652-8200 | Website.
  • Cache Valley Bank  –  Washington | Address: 710 W. Telegraph St., St. George | Telephone: 435-656-5515 | Website.

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Copyright St. George News, SaintGeorgeUtah.com LLC, 2020, all rights reserved.

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