Paycheck Protection Program Loan Forgiveness
At Kitsap Bank, we take pride in serving as a partner to our small business community. As a family-owned business ourselves, we understand the rewards and challenges that business owners face, and we are deeply invested in seeing our neighbors succeed. Kitsap Bank served nearly 900 small businesses through the Paycheck Protection Program (PPP) with over 1400 loans. Committed to seeing our small businesses through these challenging times, in 2021 we prioritized PPP loan forgiveness and by year-end nearly every loan had been forgiven by the U.S. Small Business Administration.
The Coffee Oasis
The Coffee Oasis is a non-profit organization dedicated to providing youth with mentorship, street and school outreach, goal setting, job training, shelter, crisis intervention and more. The organization is able to accomplish their mission through their coffee businesses which employ youth and provide job training, but also provides a gathering place for the community. All profits are returned to create opportunities for youth.
Kitsap Bank has proudly supported The Coffee Oasis for a number of years, and recently had the opportunity to assist the organization with a PPP loan as well. The organization was going through a difficult time when the pandemic hit. Executive Director, David Frederick, was diagnosed with cancer in 2019 and son, Daniel, transitioned into the role of Executive Director just shortly before COVID. PPP offered a glimmer of hope to the organization.
According to Daniel Frederick, Executive Director at Coffee Oasis, “Throughout the PPP process, we felt like we were treated so well; the care was personal, our banker's excitement for us was personal. PPP was a life ring that helped buoy us until people felt ready to give again.”
Throughout the pandemic, The Coffee Oasis has been able to continue serving youth, whether through drop-in programs, job training or crisis intervention. Their 24/7 Crisis Line became a lifeline for youth who were feeling disconnected, lost or hopeless, and the organization experienced a 300% increase in youth calling or texting the line. Today The Coffee Oasis continue to cause good and build a sense of community among those who need it most.
“PPP is unlike any other program in history. As a community bank, we felt a great sense of urgency to secure funding for our hometown businesses before funds were exhausted,” notes Michael Gordon, Senior Vice President & Commercial Payments Manager, “It was highly personal for us as community bankers - protecting the livelihoods of our neighbors through PPP funds, and then ensuring forgiveness of those loans so that our small business community is positioned for success as we find our way out of the pandemic.”
Supporting Affordable Housing
Kitsap Bank is pleased to support affordable housing opportunities in our communities through financing, donations and sponsorships, as well as volunteerism. We are a long-time partner of Habitat for Humanity of Kitsap County, which has been increasing affordable homeownership in Kitsap County for over 25 years. The organization builds strength, stability and self-reliance through shelter, partnering with hardworking families throughout Kitsap County to unlock their dream of homeownership.
Habitat for Humanity of Kitsap County recently reached an impressive milestone – building its 100th home in Kitsap! Owners of the 100th Home, Ferdie and Eva Tapia, met in the Philippines more than 25 years ago. They reconnected after immigrating to the United States, eventually marrying. The family has expanded, now welcoming grandchildren into the home, making for a very full house. Juggling multiple jobs, Ferdie and Eva sometimes show up to build on their future home after both working overnight as certified nursing assistants.
“Kitsap Bank's commitment to increasing affordable housing in Kitsap County is demonstrated by the financial contribution they make year after year to support our vision of a world where everyone has a decent place to live,” comments Lauren Pitt, Resource Development, Habitat for Humanity of Kitsap County, “Support from businesses like Kitsap Bank was vital in achieving 100 homes built in Kitsap County and, with their support, we look towards a future of building 100 more!”