The loans can be forgiven if companies meet particular employment and spending thresholds.

The loans can be forgiven if companies meet particular employment and spending thresholds.

Unforgiven loan balances can be paid back over as much as five years at 1 per cent interest.

Bangor Savings Bank had been the program’s top lender in Maine, processing about 15 per cent of loans above $150,000 therefore the exact exact same percentage of smaller loans. Due to the fact program prepared in late March, the lender shifted resources and assigned 200 staff to provide the utmost quantity of loans to current and new business.

I think it would have been more difficult to bring in more people and cross-train and literally within a couple days 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 ended up being the right thing to do for the smaller businesses,” said Kate Rush, manager of community relations at Bangor Savings. “Doing any such thing we could to greatly help regional businesses become healthy and thrive is fundamentally beneficial to the banking community.

I really do think we have been lucky to stay a location where community banking institutions are an important player.”

In the united states, states with ingrained community banking institutions seem to have inked a more satisfactory job at accessing PPP loans than places where banking happens to be consolidated to a number that is small of banking institutions. Continue reading “The loans can be forgiven if companies meet particular employment and spending thresholds.”