Orange Bank & Trust Provides More Than $100M in PPP Loans
Real Estate In-Depth | May 6, 2020
MIDDLETOWN—Orange Bank & Trust Company reported on May 5 the successful processing of more than 700 small business loan applications for local business customers, totaling more than $100 million.
The applications were funded under the federal Paycheck Protection Program (PPP), which was established in late March to help small businesses remain afloat and retain employees during the economic shutdown caused by the COVID-19 pandemic.
“This was an entirely new service for the bank, requiring the rapid development of new processes and oversight, the biggest being a requirement to register as an SBA lender,” said Orange Bank & Trust President and CEO, Michael Gilfeather.
He later added, “The PPP program was the biggest and most immediate and impactful program available, and we knew access to it would be critical for our clients.”
Graphics by Color Group of Hawthorne was one of the local businesses that received funding with the help of Orange Bank & Trust. “I received my company’s PPP funding on April 24,” Marc Weinstein, owner of Graphics by Color Group, said. He recalled that funding ran out just as his application was being finished, but when the next round of funding was signed off by Congress, he received e-mails from Orange Bank & Trust, requesting my signature for funding.
“This was over the weekend. I signed off Monday morning and the funds were in my business account before the end of the day. It’s a story worth telling as I have many small business associates at larger banks who are still waiting,” Weinstein said.
“There was nothing easy about managing through this program” Orange Bank & Trust’s Gilfeather noted, “but our clients needed us and everyone at the Bank felt responsible for helping them secure access to funding. We had employees working around the clock, including evenings and weekends, to file these applications. I couldn’t be more proud of the work ethic they’ve demonstrated in their commitment to our business clients.”
The Center for Safety & Change also secured an SBA PPP loan and was assisted by the bank. “Orange Bank & Trust has been instrumental in ensuring operations of the Center for Safety & Change continue to thrive during these uncertain times without interruption,” said Elizabeth Santiago, Chief Executive Officer of Center for Safety & Change, Inc., which has been Rockland County’s sole victim assistance provider for 40 years.
Orange Bank & Trust Company is an independent bank that has more than $1.3 billion in total assets. In recent years, Orange Bank & Trust Company has added branches in Rockland and Westchester counties.