When the COVID-19 pandemic hit, the federal government created the Paycheck Protection Program, or PPP, to provide financial support to small business owners who were scrambling to shift their delivery models, pay employees, and prevent closing permanently.
Extreme situations like this don’t happen often, but when they do, banks are tasked with distributing federal funds to those in need – and, as many people experienced, many banks were not able to keep up with the urgent needs of their clients.
But, being a community bank, Fremont Bank is more nimble and integrated into the local community. We were able to come through for many clients who struggled to get their needs met elsewhere.
The team at Fremont Bank got to work immediately, walking 1750 clients through the loan process, step by step, providing more than $400 million in loans and impacting more than 38,000 jobs in the Bay Area.
“A lot of businesses understood for the first time how important a local, community bank can be,” Fremont Bank Commercial Loan Processor Mei Xu said. Jan Ford, EVP, Chief Credit Officer, agreed, saying, “The virus has had a global impact. The needs are absolutely local, and that underscores the importance of having a relationship with someone like Fremont Bank.”
That’s the thing—you may not think it matters who you bank with, until it matters who you bank with. At Fremont Bank, we always have your back. Learn more about what we’ve done to help our clients during this time at www.fremontbank.com/covid19.