Unforgiven loan balances are repaid over as much as five years at 1 % interest.
Bangor Savings Bank had been the programвЂ™s top lender in Maine, processing about 15 per cent of loans above $150,000 plus the exact exact exact same proportion of smaller loans. The bank shifted resources and assigned 200 staff members to deliver the maximum number of loans to current and new clients as the program geared up in late March.
I think it would have been more difficult to bring in more people and cross-train and literally within a couple days be up and running,вЂќ said Kim Donnelly, director of business banking at Gorham Savings Bank in PortlandвЂњIf we werenвЂ™t a smaller bank. Shawn Patrick Ouellette/Staff Photographer
вЂњWe made a decision really in early stages that participating early and fully had been the right thing to do for the smaller businesses,вЂќ said Kate Rush, manager of community relations at Bangor Savings. вЂњDoing such a thing we are able to to greatly help businesses that are local healthy and thrive is finally best for the banking community.
I really do think our company is lucky to stay a place where community banking institutions are a substantial player.вЂќ
In the united states, states with ingrained community banking institutions seem to have inked a more satisfactory job at accessing PPP loans than places where banking is consolidated up to a little amount of huge finance institutions.
Maine rated 7th in the united states for relief loans per 100,000 populace, just beneath Midwest states such as for example Nebraska and North Dakota which have also more powerful community banking sites, in accordance with A june report through the institute for regional self reliance, an advocacy team with workplaces in portland.