The CARES Act offered the first substantial wave of federal financial relief to small businesses – with the inclusion of the Paycheck Protection Program (PPP). Though passed through Federal legislation, PPP was designed to be administered privately through local SBA-approved lenders. With just days of notice to implement the program, the clock started ticking almost immediately for local lenders scrambling to help their community reach these ‘first-come first-serve’ funds before they were exhausted.
Here, just three of our local lenders reflect on the whirlwind experience:
WOODSBORO BANK
“My Woodsboro Bank colleagues moved Heaven and Earth to help as many local businesses as we could obtain their Paycheck Protection Program loans. My colleagues and I built a framework for processing from scratch in time to accept apps, worked 15+ hour days (some 7 days a week) and came together as we do at Woodsboro. Having reached the tail end of that stream, it feels good to make a difference. We couldn't help every business in the county, but over 200 local businesses were able to receive approval and preserve 2500+ jobs. Those numbers are small in the grand scheme of things, but meaningful to my colleagues and I as a reminder we do care about our clients and community. – Chris Clemons, Woodsboro Bank
FCB BANK
In just under one month, FCB Bank, a division of ACNB Bank, received and processed a total of 408 loan applications valued at approximately $62,600,000. FCB Bank’s dedicated team recognized the urgency and knew the money provided by the government through the Small Business Administration would run out quickly. The Bank’s staff members jumped right in and encouraged customers to take action immediately to ensure the funding would be available to help meet their financial needs. “As a community bank, we are committed to helping all customers with their financial needs. We were excited to participate in the Paycheck Protection Program and provide critical assistance to our business customers struggling to pay their employees under these extreme circumstances,” said Tom N. Rasmussen, ACNB Bank EVP/Maryland , Market President.
M&T BANK
Although the final numbers aren’t in we helped hundreds of local Frederick companies obtain more than $50 million in funding. We all rolled up our sleeves making our clients our number one priority to process all the applications received. We knew that we had a short window to process the applications and get them through the SBA’s system -- so many of us worked through the night with only a couple hours of sleep before getting back to it the next morning and doing it all over again. As a Relationship Manager, I work so closely with many of our small business owners and I realize how critical is was for them to get the funding they needed to ensure their survival. I am proud to service our local business community. – Michelle Shipley, M&T Bank