MIDDLETOWN – Orange Bank & Trust Company has processed over 700 small business loan applications for local business customers, totaling more than $100 million.
These applications were funded under the federal Paycheck Protection Program (PPP), which was established in late March to help small businesses remain afloat and retain employees during the economic shutdown caused by the COVID-19 pandemic.
“This was an entirely new service for the bank, requiring the rapid development of new processes and oversight, the biggest being a requirement to register as an SBA Lender,” said Bank President and CEO, Michael Gilfeather. “As the premier community business bank in the region, we saw the need to act quickly and with determination to be able to offer our clients all available avenues of assistance. The PPP program was the biggest and most immediate and impactful program available, and we knew access to it would be critical for our clients.”
Marc Weinstein, owner of Graphics by Color Group, is one of the local businesses that received funding with the help of Orange Bank & Trust.
“I received my company’s PPP funding on April 24,” Weinstein said. “What a relief. Once Orange Bank & Trust got involved with the SBA relief program, communication at all levels was excellent. They assisted with paperwork and concepts, always ready, even after business hours. Once I was in the queue, communication continued with them on which forms and additional information was needed. Funding ran out just as my application was being finished, but when the next round of funding was signed off by Congress, I received emails from Orange Bank & Trust, requesting my signature for funding. This was over the weekend. I signed off Monday morning and the funds were in my business account before the end of the day. It’s a story worth telling as I have many small business associates at larger banks who are still waiting.”
“There was nothing easy about managing through this program,” said Gilfeather, “but our clients needed us and everyone at the bank felt responsible for helping them secure access to funding. We had employees working around the clock, including evenings and weekends, to file these applications. I couldn’t be more proud of the work ethic they’ve demonstrated in their commitment to our business clients.”
