Legends Bank Provides Loans to Local Businesses Affected by COVID-19
Amid the economic impact of COVID-19, Legends Bank announced it has processed more than 345 loans totaling nearly $ 42 million under the Small Business Administration’s Paycheck Protection Program (PPP) to help small local businesses to cover the payroll and related costs.
Legends’ decision saved more than 1,000 jobs in central Tennessee, Legends said in a press release.
The average loan amount was approximately $ 121,000 as of May 22. The PPP, which was originally launched on April 3 to address the economic challenges caused by the COVID-19 pandemic, offers government-guaranteed forgivable loans to small businesses nationwide, which account for about 48 percent of the American workforce.
“As relationship bankers and dedicated members of this community, we do all we can to protect the strength of our small businesses, which serve as economic engines of our local economy,” said Tommy Bates, President and CEO of Legends Bank said in the outing.
“I am so proud of our staff, who worked tirelessly to process these loans and ensure that essential funds could be in the hands of those who needed them most,” said Bates.
Among the local businesses supported by Legends’ PPP was Thrive Creative Group, a marketing company run by Lorilee Rager.
“I can’t say enough about how great the team at Legends Bank have been throughout the PPP process,” said Rager. “They reached out, they followed up, offered phone calls even after hours, and made sure all of my questions were answered.”
As any small business owner knows, simple yet effective communication is key, and Legends Bank has done an amazing job of keeping me informed. Emails, phone calls, social media posts – name it, there were updates from them almost daily, ”she said.
In addition to its PPP fundraising efforts, Legends Bank said it continues to help clients during this time. Providing digital services through online and mobile banking was vital for customers as they were secure in place. Through these services, customers have access to 24/7 management of their funds, allowing them to securely perform most of their daily banking transactions securely from their homes.