HEARTLAND BANK
PPP Lender · 4,559 loans · $270.5M total · 25 states served
HEARTLAND 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 4,559 PPP loans totaling $270.5M, representing approximately 0.04% of all loans nationwide.
HEARTLAND BANK served borrowers across 25 states. The largest concentration of activity was in Nebraska, where the lender originated 1,902 loans totaling $45.7M. Other states with significant activity included Ohio, Iowa, Kansas.
The average loan size for this lender was $59,325. 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 HEARTLAND BANK were: SCHUMACHER ELEVATOR CO INC (IA) — $5,567,312; OHIO DOMINICAN UNIVERSITY (OH) — $3,115,900; MEMORIAL COMMUNITY HEALTH INC (NE) — $2,682,900; and RUSCILLI CONSTRUCTION CO. INC. (OH) — $2,339,800.
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.
Activity by State
| State | Loans | Total Approved | Forgiveness Rate |
|---|---|---|---|
| Nebraska | 1,902 | $45.7M | 99.9% |
| Ohio | 1,804 | $195.1M | 99.7% |
| Iowa | 741 | $24.2M | 99.9% |
| Kansas | 31 | $430,997 | 100.0% |
| Kentucky | 21 | $1.2M | 100.0% |
| Minnesota | 9 | $240,133 | 100.0% |
| Texas | 8 | $117,708 | 100.0% |
| Missouri | 5 | $22,163 | 100.0% |
| Florida | 4 | $400,800 | 100.0% |
| Colorado | 4 | $79,162 | 100.0% |
| Tennessee | 3 | $53,772 | 100.0% |
| North Carolina | 3 | $376,493 | 100.0% |
| Michigan | 3 | $518,281 | 100.0% |
| Indiana | 3 | $722,554 | 100.0% |
| California | 3 | $343,988 | 66.7% |
| South Carolina | 2 | $41,665 | 100.0% |
| Rhode Island | 2 | $433,517 | 100.0% |
| Illinois | 2 | $138,688 | 100.0% |
| District of Columbia | 2 | $200,200 | 100.0% |
| Alaska | 2 | $27,000 | 100.0% |
| West Virginia | 1 | $20,800 | 100.0% |
| Washington | 1 | $10,755 | 100.0% |
| Pennsylvania | 1 | $100,200 | 100.0% |
| Montana | 1 | $15,500 | 100.0% |
| Arizona | 1 | $6,877 | 100.0% |