Local Banks Offering SBA Paycheck Protection Program Loans Bradford
It is a difficult time for small businesses, many are being asked to temporarily close their doors. Some of these doors will never open again.
Local banks have become a destination for businesses seeking relief from financial hardship related to COVID-19.
At these financial institutions, business owners can apply for loans through the Small Business Association’s Paycheck Protection Program. Part of the CARES Act (Coronavirus Aid, Relief, and Economic Security Act), the program allows financial institutions to provide forgivable loans to businesses to keep their employees and pay their bills.
At Hamlin Bank and Trust Co., the company has found nearly $ 1 million for small businesses.
“Hamlin Bank and Trust Company registered with the SBA about a month ago to allow customers access to the Paycheck Protection Program,” said Jeffrey A. Wilson, senior vice president of operations at Hamlin Bank. “To date, the bank has granted around 40 loans under this program, for a total of just under $ 1 million. “
It is not too late to apply, he said.
“Hamlin Bank will accept applications from existing customers as long as funds are available in the program,” Wilson said.
Hamlin Bank offers other relief in addition to PPP loans, he added.
“The bank has also offered loan payment deferrals to its customers on a case-by-case basis to help mitigate the economic impact of COVID-19,” Wilson said.
CNB Bank has also been active with PPP since the program became available.
“The program has been beneficial to many small local businesses and we have worked hard to set up operations to quickly process requests and get the necessary funds into the hands of local owners who are suffering from the pandemic crisis,” said said Christopher L. Stott, CNB. president of the market.
Stott said the bank has five commercial bankers in the area: three in Elk County and two in McKean County.
“A review of our SBA PPP pipeline shows that over 180 applications have been approved for a total of just over $ 24 million from our Elk County and McKean staff,” he said. he declares.
While some apps may have been aimed at customers in neighboring counties like Cameron, most were aimed at small businesses in Elk and McKean counties, according to Stott.
“Our McKean County commercial bankers are Joe Yaros and Jim Masone and they have entered into about 80 SBA PPP loans for just over $ 11.5 million,” Stott said. “In Elk County we have Mike Haines, Danielle Daniels and Joe Haines who have funded over 100 loans totaling approximately $ 12.5 million. We feel fortunate to have helped a few great small businesses in McKean and Elk counties, areas with great entrepreneurial spirit.
In this region comprising 20 offices in Clearfield, Elk, McKean, Jefferson, Central, Blair, Cambria and Indiana counties, CNB Bank has approved about 525 SBA PPP applications totaling more than $ 62 million, Stott said.
Through the three other divisions of CNB: ERIEBANK, based in Erie; FC Bank based in Worthington, Ohio; and Bank on Buffalo, based in Buffalo, NY, has funded more than 1,700 loans worth more than $ 225 million.
While people can still apply for PPP loans through CNB, Stott explained that funding is limited as the program draws to a close. However, “CNB also participates with the SBA in other major loan programs, such as the 7 (a), 504 and Express loans,” he noted.
Stott said CNB was trying to help clients in any way they could during the medical crisis.
“CNB Bank is committed to helping our customers through good and bad times. We have worked directly with clients affected by the pandemic to provide advice and relief where possible, ”he said. “While we don’t have a formal ‘one-size-fits-all’ program in place, we work with clients one on one in our efforts to help those in need during these difficult times. “
At Northwest Bank, headquartered in Warren, the company also accepts loan applications.
“Small businesses are the lifeblood of our communities,” said Kirk Jacobson, senior vice president of small business banking at Northwest. “They employ our families and neighbors, provide valuable goods and services, and donate their time and money to local organizations. As a community bank, we share these values - and we are committed to doing all we can to not only help them through this time of uncertainty, but also to thrive afterward.
Northwest said it has created a team to “analyze the details and develop an open and customer-friendly approach” for companies applying for a P3 loan. The bank offers several ways to apply, either through an individual connection with a bank or by submitting the loan file through the bank’s online application portal.
“As soon as our portal opened, our investment bankers proactively contacted our clients to let them know we were ready to accept applications. We have provided checklists, a step-by-step video, and FAQs to make sure they fully understand the backup schedule and requirements. We have received applications from companies of all sizes and in all industries in all of our four states, ”said Mark Reitzes, Northwest Commercial Banking Manager.
According to Northwest, strong demand nationwide meant the funds were gone quickly. Northwest said that unlike many other banks, the company has not stopped accepting applications.
“We wanted our clients to get the relief they deserved and hoped the PPP would be funded for a second round,” Reitzes said. “While Congress deliberated, we did not stop. Our teams worked around the clock to help clients gather and prepare request information for submission. Due to our approach, we were ready to submit applications when the SBA loan portal reopened.
Reitzes said the SBA approved nearly 100% of loans submitted through Northwest for a total of 3,700 loans providing more than $ 425 million in relief.
As C&N Bank explained, the loan funds first became available on April 3 and were gone on April 16. Since then, the federal government has announced another $ 310 billion in relief for small businesses.
C&N accepts PPP loan applications. To date, the bank has been able to match over $ 98 million with approximately 900 local businesses.
“We are delighted that Congress has approved the second round of funding for our local small businesses,” said Brad Scovill, President and CEO of C&N. “Although we were able to help 500 companies throughout the first round, we still had requests that had not yet been processed before the end of the first round of funding. Today, we were able to give new hope to our corporate clients who felt they could not get the help they needed.
C&N also provides support to clients in other ways, for example by restructuring existing loans, contributing cash flow and extending additional lines of credit.
According to Scovill, C&N has received 100% approval of the completed and qualified applications it has accepted to date.
“There is still a lot of work to be done, but we intend to make a real difference for our customers through these programs,” he said. “C&N’s ability to provide aid right now will have a lasting impact on the livelihoods of our businesses, economies and local neighbors. “