The anecdotal evidence seems to suggest that small businesses have been more successful applying for loans through the federal Paycheck Protection Program with community banks than with bigger banks.
However, only a few community banks are accepting PPP applications from businesses that are not existing customers.
Centric Bank, which has a financial center and commercial lending office in Devon, is one of those banks.
The team at Centric Bank has been working diligently to help not only its customers, but also other small businesses and nonprofits that are not customers, to weather this challenging and uncertain time.
Below is information on how to apply for PPP relief loans and EIDL loans.
Economic Injury Disaster Loans (EIDL) – The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. You may learn more and apply on the SBA’s Coronavirus (COVID-19): Small Business Guidance & Loan Resources page.
Paycheck Protection Program – Businesses must apply for the Paycheck Protection Program through a financial institution. Centric Bank stands ready to begin the application process for its customers, as well as small businesses and nonprofits in its community service area. If you are a small business owner or a nonprofit in these market areas, and you believe your entity is eligible, please contact your nearest Centric Bank financial center, complete the bank’s brief inquiry form, or call it at 888-274-2033. Centric Bank is servicing loan applications from businesses in its service areas of Central Pennsylvania, Philadelphia and suburban Philadelphia, Southern New Jersey, and Cherry Hill, N.J.
Learn More – Centric Bank has developed a Paycheck Protection Program Guide for Small Business and FAQs to help small businesses and nonprofits prepare to apply. It contains information about who is eligible and what you will need to apply. Centric Bank is here to help, so please do not hesitate to call. You may reach a banker at 888-274-2033. You may also complete this brief inquiry form and someone will be in touch within 24 hours.