Generations Bank has issued an update on its participation in the Paycheck Protection Program. The bank has helped more than 300 local businesses secure the PPP loans.
“The PPP initiative was a Small Business Administration program providing emergency low cost, forgivable loans to help small businesses survive the impact of the COVID-19 pandemic. I am proud to say that through the PPP program, we were able to get millions of dollars into 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 within the communities we serve, Generations Bank truly focused our 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 Lending Ken Winn.
“Generations was there to help the business community, no matter if their need was large or small” commented AG Cutrona Senior Vice President for Growth & Profitability. “In fact many of the businesses we assisted were being overlooked by other lending institutions.”
Generations has now shifted focus to the forgiveness process for customers, proactively contacting them as soon as the SBA PPP Forgiveness process was released by the SBA. Over 33% of the loans have already been processed for forgiveness by Generations Bank.
“We have been working closely with the SBA to successfully process the forgiveness applications in a timely fashion and have had good turnaround times from the SBA. We continue to encourage our customers to put together their forgiveness packages so that we can expedite their requests and get one more financial concern off of their plate” added Cutrona.
Dr. James Cogar with Vision Eye Care said “the PPP loan program saved my business and allowed me to maintain my staff. Generations proactively guided me through the application and the forgiveness piece. Government programs are usually difficult and they made it relatively easy.”