Press release submitted by Rollstone Bank & Trust
Rollstone Bank & Trust announced today that it has processed more than 240 loans totaling nearly $36 million under the Small Business Administration’s Paycheck Protection Program (PPP) to help local small businesses support payroll and related costs, saving approximately 1,000 jobs in north central Massachusetts. The average loan size was approximately $145,700 as of May 25. 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 Martin F. Connors, Jr., President & CEO of RBT. “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. We will continue processing applications until all remaining PPP funds are accounted for.”
In addition to its PPP funding efforts, RBT continues to help customers during this time and provide assistance to the community at large. The Bank established a COVID-19 Relief Fund with $19,000 and has received an additional $10,000 in donations. Funds were allocated to organizations serving the region’s most vulnerable populations, including senior citizens, at-risk children, and families with food insecurities.
“Community banks stepped in to provide a helping hand to local small businesses—something that they do during both good times and challenging ones,” Independent Community Bankers of America President and CEO Rebeca Romero Rainey said. “Providing more than half of the nation’s small business loans, community banks prioritize the needs of their local customers and communities and quickly adapt and respond during times of crisis. By providing the lion's share of PPP loans, community banks have served an essential role in helping small businesses survive amid COVID-19, while saving countless jobs across our nation.”
According to the SBA summary of loan approvals through May 16, lenders with less than $50 billion in assets accounted for nearly 65 percent of approved loans—totaling 4.3 million—and more than 62 percent of the approved dollar amount—estimated at $513 billion since launch of the PPP. Nationwide, community banks have received an average of nearly 200 loan applications through the program ranging in size from less than $50,000 to more than $500,000, according to a recent ICBA survey. To learn more about community banks, visit www.banklocally.org.
About Rollstone Bank & Trust
At Rollstone Bank & Trust, we deliver personalized service that goes above & beyond. Our dedication to providing our customers with superior bank and wealth management solutions, along with the support they need to prosper at work and at home, has enabled us to build one of the most trusted banks in the region. With branches located throughout central Massachusetts, customers have peace of mind knowing we are FDIC & DIF insured, and never far from home. Rollstone Bank & Trust - it's where you matter most.