Community banking institutions credited for strong crisis company loan result in Maine

Community banking institutions credited for strong crisis company loan result in Maine

A good amount of smaller banks helped result in the Paycheck that is federal Protection far better than in many other states.

Into the times after the federal Paycheck Protection Program had been rolled away five months ago, huge, nationwide banking institutions in the united states were accused of fumbling this program by prioritizing loans to big company and making hopeless small companies high and dry.

However in Maine, community banking institutions went into overdrive to process loans built to assist Main that is struggling Street spend workers and maintain the lights on. Within months, huge amounts of bucks had been approved for thousands of loans, helping support an economy in free-fall.

Becky Winslow, left, manager of community relations, and Kim Donnelly, manager of company banking, at Gorham Savings Bank in Portland. Numerous credit community that is maine’s strong sector to make the federal Paycheck Protection Program more beneficial than in many other states. Shawn Patrick Ouellette/Staff Photographer

“I think everyone else discovered that the target would be to get as much of the loans authorized plus in the machine as soon as possible,” said Kim Donnelly, manager of company banking at Gorham Savings Bank. Read more