Legends Bank Provides Loans For Local Businesses Affected By COVID-19
Amid the economic impact of COVID-19, Legends Bank announced it has processed more than 345 loans totaling nearly $42 million under the Small Business Administration’s Paycheck Protection Program (PPP) to help local small businesses support payroll and related costs.
The move by Legends has saved over 1,000 jobs within middle Tennessee, Legends said in a news release.
The average loan size was about $121,000 as of May 22. The PPP, which was originally launched on April 3 to address economic challenges caused by the COVID-19 pandemic, provides forgivable, government-guaranteed loans for the nation’s small businesses, which account for roughly 48 percent of the U.S. workforce.
“As relationship bankers and dedicated members of this community, we are doing everything we can to protect the vibrancy of our small businesses, which serve as the economic engines for our local economy,” said Tommy Bates, president and CEO of Legends Bank, said in the release.
“I’m so proud of our staff, who have worked around the clock to process these loans and ensure that critical funds were able to get in the hands of those who needed it most,” Bates said.
Among local businesses assisted by Legends’ PPP was Thrive Creative Group, a marketing firm led by Lorilee Rager.
“I cannot say enough about how amazing the Legends Bank team has been through the PPP process,” Rager said. “They reached out, they followed up, offered phone calls even after hours, and they made sure all my questions were answered.”
As any small business owner knows, simple, yet effective communication is key, and Legends Bank did an amazing job keeping me informed. Emails, phone calls, social media posts – you name it, there were updates from them almost daily,” she said.
In addition to its PPP funding efforts, Legends Bank said it continues to help customers during this time. Offering digital services through online and mobile banking was vital to customers as they sheltered in place. With these services, customers have access to manage their funds 24/7, which allows them to safely conduct most of their day to day banking transactions safely from home.
Source: Leaf Chronicle