As of July 1, Main Street Bank has helped 565 small businesses process a Paycheck Protection Program (PPP) loan, for a total of $72.3 million. We estimate the loans have supported payrolls for over 2,000 local jobs.
Nationally, financial institutions have been tasked with serving small businesses by offering U.S. Small Business Administration (SBA) Paycheck Protection Program loans. With a short window of time to learn about this loan package, and thousands of businesses in need, community banks have risen to the occasion to serve as many businesses as possible. “During times like these, I’m proud to be a community banker,” says Walter Dwyer, CEO of Main Street Bank. “Over the past week, our lending team has worked over 850 hours collectively, 7 days a week, to process these loans and support our customers. That doesn’t even consider the additional assistance from our branches and back office employees working behind the scenes. All hands are on deck here.”
Main Street Bank, and numerous other financial institutions, do this because it will serve the local economy, community, and individuals through this challenging time. “We are in this together,” says Dwyer. “The local banks are closest to the local economy, so we’re often the ones helping people and businesses on a one-to-one level. And as a mutual bank, it’s our purpose.” Mutual banks, like Main Street Bank, are controlled by their depositors, rather than shareholders. This means that mutual banks operate in the best interests of their customers, employees, and communities. “We make our decisions based on the long-term success and vitality of the organization and the people we serve.”
Speaking of supporting the local economy, businesses and individuals play an important role in how community banks can continue to supply these loans and resources. “Your deposits help fuel our ability to make more loans,” Dwyer explains. “I encourage you to continue to support your community by keeping your deposits at local banks.”
If you are hearing from your bank that they can’t or won’t help you at this time, talk to us. Our team is responding to immediate needs typically within 24 hours during this challenging period.