Generations Bank helps over 300 local businesses obtain PPP loans
Generations Bank has released an update on its participation in the Paycheck Protection Program. The bank has helped more than 300 local businesses obtain PPP loans.
“The PPP Initiative was a Small Business Administration program providing low-cost, repayable emergency loans to help small businesses survive the impact of the COVID-19 pandemic. I am proud to say that thanks to the PPP program, we have been able to put millions of dollars in the hands of hundreds of local businesses at a critical time, ”said Menzo Case, President and CEO of Generations Bank.
“With a focus on supporting small businesses in the communities we serve, Generations Bank has truly focused its PPP efforts on the small business owner. The average loan nationwide was $ 101,000, while at Generations it was $ 33,000, ”said Senior Vice President of Loans Ken Winn.
“Generations was there to help the business community no matter how big or small their needs were,” commented AG Cutrona, senior vice president of growth and profitability. “In fact, many of the businesses we helped were overlooked by other lending institutions.”
Generations has now focused on the forgiveness process for clients, proactively contacting them as soon as the SBA PPP forgiveness process has been released by the SBA. Over 33% of loans have already been remitted by the Generations Bank.
“We have worked closely with the SBA to successfully process pardon requests in a timely manner and have had good turnaround times from the SBA. We continue to encourage our clients to set up their forgiveness packages so that we can expedite their requests and take another financial issue off their plate, ”added Cutrona.
Dr James Cogar of Vision Eye Care said, “The P3 Loan Program saved my business and allowed me to retain my staff. Generations have proactively guided me through the application and forgiveness article. Government programs are generally difficult and they have made it relatively easy. “
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