FIRST NATIONAL BANK

FIRST NATIONAL BANK was one of the thousands of SBA-approved lenders that participated in the Paycheck Protection Program. During the program period (April 2020 – May 2021), the lender originated 11,542 PPP loans totaling $632.6M, representing approximately 0.10% of all loans nationwide.

FIRST NATIONAL BANK served borrowers across 40 states. The largest concentration of activity was in Maine, where the lender originated 2,936 loans totaling $148.1M. Other states with significant activity included South Dakota, Arkansas, Texas.

The average loan size for this lender was $54,812. This figure reflects the mix of borrower types — large companies, small businesses, sole proprietors, and non-profits — that applied through this institution. Lenders were responsible for collecting and verifying borrower certifications and submitting loan applications to the SBA's E-Tran system.

Among the largest named borrowers that received loans through FIRST NATIONAL BANK were: DAKOTA PROVISIONS, LLC (SD) — $8,962,400; MOUNT DESERT ISLAND HOSPITAL (ME) — $6,956,300; PIERCE ATWOOD, LLP (ME) — $5,674,200; and PUTNAM COUNTY HOSPITAL (IN) — $4,389,100.

PPP lenders were compensated through processing fees paid by the SBA rather than by borrowers. Fees ranged from 1% to 5% of the loan amount depending on loan size. Lenders were not required to take credit risk — the SBA provided a 100% guaranty on each loan. This structure incentivized broad participation but also contributed to documented cases of lender fraud and over-processing of applications.

Borrower names for loans under $150,000 are withheld under FOIA Exemption 6. As a result, the named recipients shown below represent only a fraction of this lender's total portfolio. The full loan count and amount figures include all loans in the SBA's data regardless of disclosure status.