LOWELL, MASS. – As an authorized lender for the Small Business Administration Paycheck Protection Program (SBA PPP) under the CARES Act Stimulus Program, Enterprise Bank has received SBA approval on approximately 2,400 loans to local businesses and non-profit organizations totaling over $500 million. This fiscal aid was a much-needed lifeline to many of the struggling business and organizations that comprise the backbone of our local economy, and the very fabric of our communities. The 2,400 loans approved during this four-week herculean effort surpasses the number of commercial loans typically done by the bank in an 18-month period. The median amount of loans processed by Enterprise Bank under the PPP program is $74,000.
Jack P. Clancy, CEO of Enterprise Bank, said, “The government and the SBA designed the PPP to deliver financial support to eligible businesses and non-profit organizations through the conduit of our country’s banking system, and we are honored to partner with our government in this critical action. A complicated program that would have likely been rolled out over the course of many months or even years in normal times, was rolled out in a matter of days.”
The tremendous volume of PPP loans processed by Enterprise Bank over a very short timeframe was accomplished through the teamwork and tireless dedication of bankers across all departments who worked many extra hours, at times into the morning hours, to process applications to help the businesses and nonprofit organizations of our communities. Each loan issued to a small business means that business can remain open and cover expenses including payroll so that their employees can be retained.
Clancy said, “We are all in this crisis together and with this sense of purpose to our country and our customers, our lending team and hundreds of Enterprise Bankers have performed at an exhaustive level beyond anything I have seen in our bank’s history to assist in delivering essential funds to these businesses and non-profits in our communities. Each approved loan we processed represents an organization we were able to help weather this crisis and provide pay to their employees who can then provide for their families.”
SBA PPP loans are designed to provide a direct incentive for small businesses to keep their workers on the payroll during the COVID-19 pandemic. If certain conditions are met, the SBA will forgive loans. The loans are a lifeline the government came up with quickly to help businesses pay some bills and keep employees on the payroll so they, in turn, can provide for their own families. This is especially needed by small “mom and pop” type businesses and non-profit organizations that typically lack access to investors, capital, or cash reserves often available to larger companies.