EXTON, Pa., May. 6, 2020 /PRNewswire/ -- First Resource Bank (OTCQX: FRSB) is proud to announce that it has helped local businesses secure more than $50 million in Paycheck Protection Program (PPP) loans through the Small Business Administration. With over 30 million Americans having filed for unemployment since mid-March, these loans, which were offered under the CARES ACT, were designed to help small businesses, struggling as a result of COVID-19, keep employees on the payroll.
Despite reports of large companies receiving funding though this program, First Resource Bank was happy to share that 80% of the applications they received were for loan amounts under $200,000. Applicants included existing customers and non-customers alike, who sought the personalized attention of a community bank. This proved to be crucial during the initial round of funding, as many larger banks turned away customers shortly after the application process opened.
"I am incredibly proud of the Bank's ability to help so many small businesses in our community impacted by the Coronavirus," commented First Resource Bank CEO, Glenn Marshall. "Behind each business that we helped to secure funding is a team of employees whose families rely on them. These families are what make our community great. We're not just saving small businesses with these loans, we're helping our community survive this crisis."
The Bank, which recently observed its 15th Anniversary on May 2, worked round-the-clock to help protect nearly 5,000 jobs since the application process launched in early April. With the second round of funding still open, First Resource Bank plans to continue helping businesses in the Delaware Valley apply for this much needed relief until the funds have been exhausted. Businesses still looking for assistance with this program can reach out to [email protected].
About First Resource Bank
First Resource Bank is a locally owned and operated Pennsylvania state-chartered bank, serving the banking needs of businesses, professionals and individuals in the Delaware Valley. The Bank offers a full range of deposit and credit services with a high level of personalized service. First Resource Bank also offers a broad range of traditional financial services and products, competitively priced and delivered in a responsive manner to small businesses, professionals and residents in the local market. For additional information visit our website at www.firstresourcebank.com. Member FDIC.
This press release contains statements that are not of historical facts and may pertain to future operating results or events or management's expectations regarding those results or events. These are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. These forward-looking statements may include, but are not limited to, statements about our plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts. When used in this press release, the words "expects", "anticipates", "intends", "plans", "believes", "seeks", "estimates", or words of similar meaning, or future or conditional verbs, such as "will", "would", "should", "could", or "may" are generally intended to identify forward-looking statements. These forward-looking statements are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are either beyond our control or not reasonably capable of predicting at this time. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ materially from the results discussed in these forward-looking statements. Readers of this press release are accordingly cautioned not to place undue reliance on forward-looking statements. First Resource Bank disclaims any intent or obligation to update publicly any of the forward-looking statements herein, whether in response to new information, future events or otherwise.
SOURCE First Resource Bank