FINCASTLE, Va., April 15, 2020 /PRNewswire/ -- Small business owners in the Roanoke Valley can find assistance at The Bank of Fincastle when they need help with new funding options from the federal government's recent Coronavirus Aid, Relief, and Economic Security (CARES) Act. One benefit is that they do not have to be customers of the bank.
Unlike many large banks, The Bank of Fincastle is reaching out to all small businesses in order to help owners meet payroll needs during these unpredictable times. "We want local businesses to know that once the $349 billion has been allocated, the SBA will no longer be accepting applications," said Scott Steele, President and CEO of The Bank of Fincastle. "We are encouraging businesses to apply soon."
This local community bank can take the frustration and exasperation away from business owners and assist with funding options, including the Paycheck Protection Program (PPP). This potentially forgivable loan through the Small Business Administration can be easily obtained through The Bank of Fincastle, which is an approved Preferred SBA Lender and proud to help the area's small business community during this difficult time.
"The Bank of Fincastle was supportive and on board with this program from day one," Steele said. "We are one of the few banks willing to take applicants who aren't currently bank customers."
By utilizing The Bank of Fincastle, applicants can be assured they are receiving appropriate information and loan money and avoiding COVID-19 scams. Applying to these loan programs are free, and Marketing Director Cindy Bailey encouraged small businesses to go through appropriate channels. "There is some fraud out there, and we need people to know they shouldn't pay for these applications," she said. "If they contact the bank directly, they can be assured they're going through the appropriate channels."
The bank is closing its first round of loans this week and wants to continue to help small businesses keep employees on the payroll. The PPP can help owners pay employees, rent or mortgages, and utilities.
"We will welcome anybody. You don't have to be a customer," Steele said. "It is part of our civic duty. A lot of banks talk about how they support their communities. This is something tangible we can do. The interest rate is as low 1% and if it is spent the right way, there is a forgiveness potential to this debt, and the borrowers won't have to pay it back. We're just wanting to help."
The program is implemented by the Small Business Administration with support from the Department of the Treasury. This program provides small businesses with funds to pay up to 8 weeks of payroll costs, including benefits.
Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.
"The Bank of Fincastle is willing to help anybody who has a need and may be experiencing frustration finding what they need," Bailey said. "These programs are important to keep these businesses alive."
There are other programs coming soon such as the Main Street Business Lending Program (MSBLP) for small or medium sized businesses that need assistance outside the CARES Act's PPP that The Bank of Fincastle will be able to assist with, as well.
For specific information about SBA loans, visit https://www.bankoffincastle.bank/the-bank-of-fincastle-is-an-sba-preferred-lender/
For details about additional loan products, terms, conditions and rates, contact The Bank of Fincastle at (540) 473-2761 or visit any Bank of Fincastle branch office. The Bank of Fincastle, established in 1875, offers a full range of banking, lending and investment products. The Bank of Fincastle is a Member FDIC, Equal Housing Lender, and Equal Opportunity Employer.
Contact: Cindy Bailey
Email: [email protected]
SOURCE The Bank of Fincastle