Chesapeake Bank and Trust is pleased to report that it assisted over 90 local businesses in obtaining loans through the Small Business Association’s Payroll Protection Program. The funds disbursed by Chesapeake to these businesses to help them retain their employees and maintain operations totaled just over $6 million. Despite the well-publicized frustrations with the SBA’s guidelines and their system to get these submitted, Chesapeake had a 100% approval rate for the PPP applications they received.
Glenn Wilson, President and CEO of Chesapeake, said “Our team worked tirelessly to be sure that we helped all the local businesses that applied here for a PPP loan, given the financial uncertainties these businesses face due to the COVID-19 pandemic. Our community bank stepped up to this challenge while many larger, non-local banks, did not.”
Chesapeake Bank and Trust Company is committed to providing area residents and business owners a full suite of financial products and an unparalleled level of individual service. For more information, visit www.chesapeaketrust.com or call 410-778-1600.
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