Independent Banker - April 2021 - 58

they don't expect to recover, and 2.1%
said their business closed.
A BROAD IMPACT
" Most economic predictions are
for a rapid, substantial recovery if
vaccinations increase and COVID-19
numbers decrease. I agree and am
hopeful that this year will be much
better, but that's if-and only if-we
get COVID under control. "
-Jim Gowen Jr.,
Merchants and Planters Bank
Those losses have not been spread
evenly. The leisure and hospitality
industries have been hit the hardest,
with revenues down 62% from
January 2020, according to the
Economic Tracker from Opportunity
Insights, a nonpartisan, nonprofit
research team based at Harvard
University. Revenues are down 33.6%
for education and health services,
32.3% for retail and transportation
and 21.8% for professional and
business services.
" It is really a function of what
specific sector you're in, " Merski
says. " Entertainment services and
anything with travel and leisure are
How Bank of Idaho saved KV Inc.
When COVID-19 hit, KV Inc., in Idaho Falls,
Idaho, was in the unusual position of having
plenty of work but not enough man power
or up-to-date equipment to meet demand.
An essential business that installs gas
lines for regulated public utilities and
homebuilders, the excavation company was
still recovering from the 2008 downturn
when the pandemic hit. Secretary-treasurer
Vicky Elison, who has co-owned the
business with her husband for 37 years, says
they nearly lost it.
" We were devastated, " she says, adding
that KV employs many of her children,
grandchildren and great-grandchildren. " It
was only because [the company had some]
resources that we were able to keep the
company going. "
Recovery from the recession came slowly,
making it impossible to upgrade KV's aging
fleet of 12 to 14 backhoes. Money was tight,
and Elison had a close call with payroll in the
spring when a customer's payment came
in a few days later than she needed it. She
nearly overdrew her account. That's when a
phone call with Jeff Newgard, president and
CEO of Bank of Idaho in Idaho Falls, led to
relief in the form of a $100,000 increase in
her credit line. " He knew I was good for it, "
Elison adds.
This time around, Elison worked with
the community bank to secure Paycheck
Protection Program (PPP) funds that made
it possible to add and upgrade equipment
and hire more employees. " [The PPP loan]
has been a game changer for us, " she says.
" In all these
37 years, I've
never had
money to
do things
like I've
done this
past year. "
58 Q ICBA Independent Banker Q April 2021

Independent Banker - April 2021

Table of Contents for the Digital Edition of Independent Banker - April 2021

Table of Contents
Independent Banker - April 2021 - Cover1
Independent Banker - April 2021 - Cover2
Independent Banker - April 2021 - Table of Contents
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