COLUMBUS, Ohio, April 21, 2020 /PRNewswire/ -- Today, JobsOhio, Peoples Bank and First Federal/Home Savings Bank announced a partnership to support existing small business clients with maintaining operations and payroll during the COVID-19 pandemic. JobsOhio has committed up to $50 million to assist Peoples Bank and recently merged First Federal Bank and Home Savings Bank – with providing lending support to companies negatively affected by the coronavirus pandemic.
"JobsOhio's partnership with Peoples Bank, First Federal and Home Savings Bank will support efforts to sustain Ohio small businesses as they confront unprecedented challenges from COVID-19's impact on our economy," said J.P. Nauseef, JobsOhio president and chief executive officer. "First Federal Bank, Home Savings Bank and Peoples Bank are Ohio institutions supporting Ohio businesses. We are optimistic this effort will provide businesses the assistance they need to navigate this crisis."
The partnership with JobsOhio enables Peoples Bank, First Federal Bank/Home Savings Bank to provide additional financing on favorable terms for local businesses in good standing that would otherwise not be able to access this credit on such terms due to the COVID-19 crisis. JobsOhio's support provides these banks additional capacity to increase their lending to existing business clients by up to $200,000 per business, with funds available for immediate use.
"Peoples Bank is committed to helping our communities, and small businesses are the backbone of the local economy," said Chuck Sulerzyski, Peoples Bank president and chief executive officer. "We are excited to announce this partnership with JobsOhio and get capital into the hands of small businesses."
With the JobsOhio partnership, First Federal/Home Savings Bank will be in a strong position to assist its small businesses clients across the northern half of Ohio.
"We commend JobsOhio for creating this program to assist Ohio's small businesses that are so vital to our communities," said Don Hileman, CEO of First Federal Bank of the Midwest. "We're proud to be able to support the program and our business customers during this time of need."
Eligible businesses can use the newly available loan funds for working capital, including payroll, rent, mortgages or other fixed debts, utilities and other bills. For information on how to apply for this lending support, businesses should visit online at peoplesbancorp.com/coronavirus, First-fedbanking.com/COVID-19 or Homesavings.com/COVID-19.
JobsOhio is a private nonprofit economic development corporation designed to drive job creation and new capital investment in Ohio through business attraction, retention and expansion. The organization also works to seed talent production in its targeted industries and to attract talent to Ohio though Find Your Ohio. JobsOhio works with six regional partners across Ohio: Dayton Development Coalition, Ohio Southeast, One Columbus, REDI Cincinnati, Regional Growth Partnership and Team NEO. Learn more at www.jobsohio.com. Follow us on LinkedIn, Twitter and Facebook.
Peoples Bank is a community bank headquartered along the Ohio River in Marietta, Ohio. It has been a community bank since 1902 and employs approximately 900 associates. Peoples Bank has over 50 bank branches in Ohio, and more than 20 bank branches in West Virginia and Kentucky. Peoples Bank's website is peoplesbancorp.com.
First Federal Bank and Home Savings Bank recently merged as an affiliate of First Defiance Financial Corp. (Nasdaq: FDEF), headquartered in Defiance and Youngstown, Ohio. The combined organization operates 77 branches, 12 loan offices and 3 wealth offices in Ohio, Michigan, Indiana, Pennsylvania, and West Virginia. Currently, 33 branches, 3 wealth offices and 12 loan production offices continue to operate as Home Savings Bank. First Insurance Group is a full-service insurance agency with ten offices in Ohio including James & Sons Insurance in Youngstown, Ohio. For more information, visit the company's websites at First-fedbanking.com and Homesavings.com.