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    June 5, 2020
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First Secure Bank Saves 10,000 Jobs! REALLY? Yeah, we've been told that we saved 10,000 jobs. An outside consultant told us that when he heard about our PPP loan program. He said that it was because First Secure made more than 1400 Paycheck Protection Plan (PPP) loans totaling over $170 million. Using some type of formula, he calculated that we saved 10,000 jobs. We don't know if we saved 10,000 jobs or not. But we believe that we saved a lot of them. Monster CD Rates The Paycheck Protection Program (PPP) is a program authorized by congress and administered by the Small Business Administration (SBA). Banks loan money to businesses. The loans are intended to be used by the businesses to keep their employees on the payroll while we are in this Covid-19 crisis. It's a good deal for the businesses because if they use the money for payroll and certain other expenses, the SBA will forgive all or part of the loan and the SBA will pay the loan back to the bank. The business would only need to pay whatever isn't forgiven by the SBA, and that may not be much. 13-Month 0.75% APY 25-Month The SBA also guarantees the loans so that the bank can't lose money. If the borrower doesn't pay, the SBA will. Sounds like a pretty good deal for the bank, huh? Youd think so, but then why were most of the Joliet area banks hesitant to make PPP loans to their customers?.Greed. 1.05% APY' $1,000 Minimum You see, the loans are 2 year loans and the borrower only pays 1% per year interest. A bank can't make any profit charging 1% interest. That's why most banks in the area weren't interested in making the loans. And, that's the difference between a true community bank like First Secure Community Bank of Joliet and the other banks. We have our roots here. The big banks only have branches here. Our Joliet bank made millions of dollars in PPP loans. And, of that, we made almost $17 million in PPP loans to 139 businesses that were not previously customers of our bank. That's right, Most of the 139 Joliet area businesses went to their own bank first and were blown off. So they came to us and we gave them the loan. By the way, we now have 139 new business customers. We make PPP Loans (SBA Paycheck Protection Program) If you have a local business and your bank didn't work with you to obtain a PPP loan, why are you still doing your banking with them? Even if you're not in business, you need to do your banking somewhere. Do you want to do business with a bank that looks at you as a profit center or as a person. If you want to be treated as an individual rather than a number, come and see us at First Secure Community Bank of Joliet. Call 815.230.8000 today for complete details We are Joliet's locally owned, locally managed community bank. And we take care of our customers. FIRST SECURE Joliets locallyowned locally managed community bank! 2398 Essington Rd., Joliet, IL 60435 COMMUNITY BANK OF (Corner of Essington and Caton Farm Rd.) JOLIET st 815.230.8000 Were not just your bank, we're your neighbor www.1stsecurebank.com Member FDIC (1) Annual Percentage Yield (APY) effective as of 5/29/20. Terms are subject to change at any time and without notice. Minimum balance to open and earn stated APY is $1,000. Substantial penalty for early withdrawal. An early withdrawal penalty mày reduce eamings. Member FDIC. First Secure Bank Saves 10,000 Jobs! REALLY? Yeah, we've been told that we saved 10,000 jobs. An outside consultant told us that when he heard about our PPP loan program. He said that it was because First Secure made more than 1400 Paycheck Protection Plan (PPP) loans totaling over $170 million. Using some type of formula, he calculated that we saved 10,000 jobs. We don't know if we saved 10,000 jobs or not. But we believe that we saved a lot of them. Monster CD Rates The Paycheck Protection Program (PPP) is a program authorized by congress and administered by the Small Business Administration (SBA). Banks loan money to businesses. The loans are intended to be used by the businesses to keep their employees on the payroll while we are in this Covid-19 crisis. It's a good deal for the businesses because if they use the money for payroll and certain other expenses, the SBA will forgive all or part of the loan and the SBA will pay the loan back to the bank. The business would only need to pay whatever isn't forgiven by the SBA, and that may not be much. 13-Month 0.75% APY 25-Month The SBA also guarantees the loans so that the bank can't lose money. If the borrower doesn't pay, the SBA will. Sounds like a pretty good deal for the bank, huh? Youd think so, but then why were most of the Joliet area banks hesitant to make PPP loans to their customers?.Greed. 1.05% APY' $1,000 Minimum You see, the loans are 2 year loans and the borrower only pays 1% per year interest. A bank can't make any profit charging 1% interest. That's why most banks in the area weren't interested in making the loans. And, that's the difference between a true community bank like First Secure Community Bank of Joliet and the other banks. We have our roots here. The big banks only have branches here. Our Joliet bank made millions of dollars in PPP loans. And, of that, we made almost $17 million in PPP loans to 139 businesses that were not previously customers of our bank. That's right, Most of the 139 Joliet area businesses went to their own bank first and were blown off. So they came to us and we gave them the loan. By the way, we now have 139 new business customers. We make PPP Loans (SBA Paycheck Protection Program) If you have a local business and your bank didn't work with you to obtain a PPP loan, why are you still doing your banking with them? Even if you're not in business, you need to do your banking somewhere. Do you want to do business with a bank that looks at you as a profit center or as a person. If you want to be treated as an individual rather than a number, come and see us at First Secure Community Bank of Joliet. Call 815.230.8000 today for complete details We are Joliet's locally owned, locally managed community bank. And we take care of our customers. FIRST SECURE Joliets locallyowned locally managed community bank! 2398 Essington Rd., Joliet, IL 60435 COMMUNITY BANK OF (Corner of Essington and Caton Farm Rd.) JOLIET st 815.230.8000 Were not just your bank, we're your neighbor www.1stsecurebank.com Member FDIC (1) Annual Percentage Yield (APY) effective as of 5/29/20. Terms are subject to change at any time and without notice. Minimum balance to open and earn stated APY is $1,000. Substantial penalty for early withdrawal. An early withdrawal penalty mày reduce eamings. Member FDIC.