WASHINGTON, June 8, 2020 /PRNewswire/ -- National Capital Bank (NCB) announced today it has helped its small business clients receive over $60 million from the Small Business Association's (SBA) Paycheck Protection Program (PPP). Established by the CARES Act and implemented through the SBA, the Paycheck Protection Program authorized up to $649 billion in loans designed to help small businesses and nonprofit organizations, as well as independent contractors and sole proprietors keep their workforce employed during the COVID-19 crisis. Loan proceeds are helping businesses maintain payroll, hire back employees who may have been laid off and cover specified overhead expenses.
The Bank devoted maximum resources toward implementing and executing this new program in anticipation of receiving requests from many of its existing small businesses and nonprofit organizations in need of assistance. As a result, in a very short period of time, the Bank approved 100% of the more than 360 loan applications received from both existing customers, as well as new customers.
Richard B. (Randy) Anderson, Jr. President and Chief Executive Officer said, "this program is vitally important to our business customers and the future of our communities. Our PPP team worked tirelessly to ensure we assisted every customer who contacted us for help. As "Washington's Oldest Bank", we take pride in making sure "customers come first" especially during these challenging times." Anderson continued, "throughout our 130- year history, NCB has faced and survived many periods of uncertainty through prudent business practices and community support. These times are no different and we are committed to continuing to serve our customers and community."
The National Capital Bank of Washington was founded in 1889 and is Washington's Oldest Bank. NCB is headquartered on Capitol Hill with offices in the Friendship Heights community in Northwest D.C., the Courthouse/Clarendon community in Arlington, Virginia and most recently in the Fox Hill senior living community of Bethesda, Maryland. NCB also operates residential mortgage and commercial lending offices and a wealth management services division. Its product and service offerings include personal and business deposit accounts, robust online and mobile banking, sophisticated treasury management solutions, remote deposit capture and merchant processing – all delivered with top-rated personal service. NCB is well-positioned to serve all the banking needs of those in our communities. For more information about NCB, visit www.nationalcapitalbank.com. The Bank trades under the symbol NACB.
SOURCE The National Capital Bank of Washington