Staff Report
Montecito Bank & Trust (MB&T) has been actively participating with businesses across the Santa Ynez Valley and the larger Central Coast since early April, as the Small Business Administration (SBA) introduced its much anticipated Paycheck Protection Program (PPP) for businesses, organizations and independent contractors across the country.
On May 5, MB&T announced it has secured $13.5 million for 141 businesses across the Santa Ynez Valley, including $5.9 million for 62 businesses in Solvang.
The bank plans to participate in the program until the funds are exhausted and is still accepting PPP applications from eligible clients and non-clients across Santa Barbara and Ventura counties.
While funding is not guaranteed, interested applicants can submit an online request at montecito.bank/contact#WriteToUs and a specialist will reach out to take the application over the phone. Additional information and suggested preparation steps can be found on the website at montecito.bank/PPPresources.
Inspired by her team’s unwavering commitment to helping the communities they serve, MB&T CEO and Chairman Janet Garufis commented “Our goal is to secure as much PPP funding as we are able to for eligible businesses, organizations and individuals across the Central Coast. Our team is prepared to continue accepting and submitting applications until the SBA’s funds are depleted. This is one of the greatest challenges of our lifetime, but our communities will prevail and Montecito Bank & Trust will be there every step of the way.”
In April, Montecito Bank & Trust earned the highest marks from both The Findley Reports and Bauer Financial, two independent services which rate the financial performance of banks. The bank received a 2018 designation of a Super Premier Performing bank by The Findley Reports, and has been designated a Premier Performing or Super Premier Performing bank 34 times since it opened its doors 44 years ago. The bank was also awarded a 5-star, Superior Bauer rating for Dec. 31, 2018, financial data.
Montecito Bank & Trust is the oldest and largest locally owned community bank in the Santa Barbara and Ventura counties. Founded in 1975, the bank celebrated its 45th anniversary on March 17 and operates 11 branch offices in Santa Barbara, Goleta, Solvang, Montecito, Carpinteria, Ventura, Camarillo and Westlake Village.
