Since the first round of CARES Act funding was released in mid-April, Meridian Bank has been working swiftly and efficiently with local businesses to provide funding through the U.S. Small Business Administration’s Paycheck Protection Program.
The Malvern-based bank has, thus far, secured more than 900 loans that total nearly $300 million for businesses scattered throughout the Delaware Valley. Those business employ approximately 21,000 people.
Meridian Bank is still working with businesses – some of which are already customers of the bank, and some of which are not – to secure their PPP loans.
The Paoli Fire Company is one such organization that turned to Meridian Bank for help in safeguarding its future.
“When the Paycheck Protection Program was announced, and it quickly became apparent that nonprofits were eligible, Paoli Fire Company started looking at options,” said Wendy McLean, a member of Paoli Fire Company’s Board of Directors. “I knew that Meridian Bank supports nonprofits by sponsoring events and making donations. We decided to use them, even though we didn’t have a banking relationship with them.”
The decision immediately paid off.
“The process of applying for a PPP loan was underway in a matter of hours, mostly through (the convenience of) e-mail,” McLean said. “It went very smoothly. Meridian Bank’s team was great to work with, and Paoli Fire Company will be exploring more ways to work with them.”
“I’ve known Wendy for years, having met through the Paoli Business Association,” said Joe Tankle, Senior Vice President at Meridian Bank. “I’m thrilled to have the opportunity to work with her in support of the Paoli Fire Company, a pillar of our community.”
Click here to learn more about Meridian Bank and the process of applying for a Paycheck Protection Program loan.