WALLET

REGIONAL FINANCIAL INSTITUTION PROCESSES

$39 Million in Paycheck Protection Loans to Community Businesses

Mechanics Cooperative Bank and the SBA Are Making a Difference to Small Businesses While Keeping People Working

From their corporate offices located in Taunton, Massachusetts, the Mechanics Cooperative Bank Board of Directors and its Executive Leadership Team, have reported that their business lending teams have made positive gains in ensuring the many communities they serve will stay open for business.

According to a release by John McMahon, Vice President of Marketing for the bank, efforts of the lending department has underwritten 170 small business loans totaling over $39 million by way of the national CARES Act Paycheck Protection Program.

With this information, President and CEO of Mechanics Cooperative Bank made the following statement regarding the institution’s success. “I am so proud of our team here at Mechanics for their hard work and dedication in direct support of the emergency lending needs of our local small business community. Providing guidance, great customer service, and the resources small businesses need—this is exactly what community banking is all about and why I feel we are the cornerstone of our local economy. It’s during times like this, seeing our team work selflessly for the greater good of the small business community, I know we will all make it through this together.”

According to McMahon, the Paycheck Protection Program is one of the many provisions in the CARES Act that was recently passed by Congress to help address the economic fallout from COVID-19. This provision aims to help small businesses and millions of Americans who rely on them for jobs.

Under the Paycheck Protection Program, small businesses with

500 or fewer employees can apply for a loan through an existing SBA lender, which Mechanics Cooperative Bank is qualified to administer. These loans can be used for payroll costs, business expenses, rent, and utilities.

The program is a major boost for our nation, and our locally owned and operated small business community. It provides an incentive to retain employees while providing much needed financial relief for payroll and other business expenses.

The marketing department has advised those who have not participated to consider the ease and benefits Mechanics Bank offers small businesses. While McMahon admits the government program isn’t exactly seamless, the lending team at Mechanics can ease the tension by navigating business owners through the process.

There are many essential elements to understanding the SBA loan program, and Mechanics Bank recommends you speak with your tax advisor as well as with a bank representative.

Mechanics Cooperative Bank, with total assets of over $600 million, offers a wide variety of personal and business deposit and loan products. As a Massachusetts co-operative bank, 100% of customers’ deposits are fully insured.

Established in 1877, Mechanics is proud to be Massachusetts’ second-oldest co-operative bank with eight conveniently located branches in Bridgewater, Taunton, North Dighton, Somerset, Swansea, Fall River, and Westport.

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