29 Oct

The loans might be forgiven if companies meet particular investing and employment thresholds.

The loans might be forgiven if companies meet particular investing and employment thresholds.

Unforgiven loan balances could be paid back over as much as five years at 1 % interest.

Bangor Savings Bank had been the program’s top lender in Maine, processing about 15 percent of loans above $150,000 in addition to exact same percentage of smaller loans. While the program prepared in late March, the lender shifted resources and assigned 200 personnel to provide the most wide range of loans to present and new customers.

I think it would have been more difficult to bring in more people and cross-train and literally within a couple days new installment loans be up and running,” said Kim Donnelly, director of business banking at Gorham Savings Bank in Portland“If we weren’t a smaller bank. Shawn Patrick Ouellette/Staff Photographer

“We made a decision really in the beginning that participating early and fully was the thing that is right do for the small enterprises,” said Kate Rush, manager of community relations at Bangor Savings. “Doing anything we are able to to assist businesses that are local healthy and thrive is eventually best for the banking community.

I actually do think our company is fortunate to stay in a location where community banking institutions are an important player.”

In the united states, states with ingrained community banking institutions may actually did a better work at accessing PPP loans than places where banking was consolidated up to a number that is small of banking institutions.

Maine rated 7th in the united kingdom for relief loans per 100,000 population, just beneath Midwest states such as for example Nebraska and North Dakota which have also more powerful community banking sites, based on a report from the institute for local self reliance, an advocacy group with offices in portland june. Read More