In the weeks after the CARES Act was signed into law in late March, banks all across the country worked tirelessly on behalf of small businesses to secure funds from the federal Paycheck Protection Program created as a result of this new legislation.

Close to home, First Resource Bank was one of those banks that worked around the clock, processing applications for local businesses to secure these potentially forgivable loans from the U.S. Small Business Administration that will help to keep their workforce employed during the COVID-19 pandemic.

First Resource – which has branches in Exton, West Chester, and Wayne – helped more than 200 businesses secure a total of $43 million. To put that in perspective, the bank’s net loan growth was more in a recent 10-day period than in all of 2019.

One of the motivating factors that helped the staff at First Resource Bank keep its momentum throughout the long days was the thought of the vast number of people who would benefit from these loans.

“Behind each and every small business that we helped to secure a PPP loan is a team of employees who make these companies great,” said Glenn Marshall, CEO of First Resource Bank. “Behind each employee is a family who relies on them. These loans weren’t just about saving small businesses; they were about saving the families who make our community shine. I am incredibly grateful for the tremendous effort put forth by the First Resource Bank team. It was their unwavering dedication that allowed us to help nearly 4,000 families get through this crisis.”

The families of the staff members of VISTA Today are included in that number, as the online business journal enlisted the services of First Resource Bank to apply for its PPP loan.

“Like most small businesses, we, too, have felt the impact of the COVID-19 pandemic,” said Ken Knickerbocker, Publisher of VISTA Today. “First Resource Bank made the process of applying for a PPP loan an easy one. It’s a testament to how much of an asset community banks like First Resource Bank are to our local economy.”

“This is what community banking is all about,” said Marshall. “Hats off to all of the community banks out there who stepped up to help our small business community in their time of need. We’re all in this together.”

The Paycheck Protection Program ran out of its $349 billion in funds in approximately two weeks, but an infusion of $301 billion is expected to arrive soon.

And as this second round of funding becomes available, First Resource Bank is ready to continue its quest to help the region’s business community.

Click here to learn more about First Resource Bank.

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