Tillamook Area Community Bank Quick Loan Activity | Community
Although financial problems related to the pandemic have been documented across America, there have been positive economic signs in Tillamook County. Kayla Magden, who has served as the branch manager of the Oregon Coast Bank’s Tillamook office since August 2019, recently reported that the bank’s consumer and business lending activity has been vibrant.
“PPP (SBA Paycheck Protection Program) loans continue to be vital for local businesses,” said Magden. “Oregon Coast Bank has made hundreds of loans, including dozens in the Tillamook area. It allowed a lot of people to work and it allowed a lot of businesses to survive. Best of all, PPP loans have a forgiveness clause that we have been able to help our clients get. The current PPP financing is available until the end of March and Magden says the bank is actively processing many other PPP loans for existing and new customers.
The US Federal Reserve’s efforts to stimulate the economy have resulted in generally low interest rates, which many local families and business owners appear to be taking advantage of. Magden, from Tillamook County, reports that many people choose to refinance existing home loans to lower their payments or shorten the term of their mortgages. “Some families and businesses recently decided to invest in properties because the rates are so low. We receive more and more loan applications every day, which is a good sign for our local economy. “
Local business sectors seeking funding from the Oregon Coast Bank in recent months have included logging, hospitality, dairy, retail and fishing. “The pandemic and the economic restrictions have been difficult for businesses in the region, but local owners continue to invest in their businesses,” comments Magden. “We are doing everything we can to make these loans a reality and keep our coastal economy healthy.”
Oregon Coast Bank operates offices in Tillamook, Pacific City, Newport, Toledo, Waldport and Lincoln City. Locally owned and operated, the bank manages over $ 258 million in assets and has provided more than $ 800 million in loans to families and businesses in Tillamook and Lincoln County.