Help Spring Bank Support Local Businesses
“Fear stifles our thinking and actions. It creates indecisiveness that results in stagnation.” Charles Stanley
“Avoiding danger is no safer in the long run than outright exposure. The fearful are caught as often as the bold.” Helen Keller
Spring Bank has been hard at work supporting our clients as they struggle with the economic impact of COVID-19. To date, we have received approval to fund 205 SBA Paycheck Protection Program (PPP) loans for a total of over $33 million for Spring Bank customers. I’m proud to share that we processed 100 percent of completed applications received when funding was exhausted for the first round of this program, even as news coverage reported many other small businesses were unable to have their application processed by their banks.
Only by working late into the evenings and over weekends were we able to complete the process to approve and fund these 205 new loans. I am very proud of and very much appreciate our dedicated team.
Once again, Spring Bank’s actions during this difficult period has proved the value of maintaining a banking relationship with a community bank like ours. We share a relationship with our clients, and we delivered on our promise of providing our clients the personalized attention they deserve. Many business owners now better understand and appreciate the value Spring Bank and our team of experienced bankers provide.
But a number of our clients need more than bank funding. They need customers. They need you. We encourage you to support your local businesses, especially restaurants and small retailers, who have been especially negatively impacted by Safe-at-Home restrictions. Many restaurants are open for takeout and curbside delivery. Additionally, stand-alone and strip-mall based retailers are now open. We urge you to visit these businesses as they work to recover from this crisis.