CHESTERTOWN — Chesapeake Bank and Trust reports that it assisted more than 90 local businesses in obtaining loans through the Small Business Association’s Payroll Protection Program, according to a news release.
The funds disbursed by Chesapeake to these businesses to help them retain their employees and maintain operations totaled just over $6 million, the release states.
Despite the well-publicized frustrations with the SBA’s guidelines and their system to get these submitted, Chesapeake reportedly had a 100% approval rate for the Payroll Protection Program applications they received.
“Our team worked tirelessly to be sure that we helped all the local businesses that applied here for a PPP loan, given the financial uncertainties these business face due to the COVID-19 pandemic. Our community bank stepped up to this challenge while many larger, non-local banks, did not,” said Glenn Wilson, president and CEO of Chesapeake.
Chesapeake is committed to providing area residents and business owners a full suite of financial products and an unparalleled level of individual service, the release states.
For more information, visit www.chesapeaketrust.com or call 410-778-1600.