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On July 31, the Wall Street Journal reported that when small businesses couldn’t get Paycheck Protection Program (PPP) funds from their big banks, they had better chances with community banks.
Take Vladimir Gendelman’s story. In the article, the founder and CEO of Company Folders, Inc. says that his big bank, JPMorgan, failed to secure PPP funds for his business. So, he turned to Waterford Bank, a community bank and ICBA member in Toledo, Ohio. Gendelman told reporter Peter Rudegeair that the experience convinced him to leave his big bank and make the switch to Waterford Bank.
His story isn’t unique. Many businesses are leaving their big banks for community banks. Of the businesses that received PPP loans, about 28% received their loan from a lender that wasn’t their primary bank, the newspaper reports. Plus, banks with less than $10 billion of assets made more than half of PPP loans.
Is it time you made the switch?