TAUNTON, MASSACHUSETTS: The Mechanics Cooperative Bank Board of Directors and Executive Leadership Team are proud to report our business lending team was hard at work this entire weekend supporting our small business customers and the local small business community as a whole. We are proud to report that we have underwritten 170 Small Business Loans totaling over $39 Million under the guidance of the CARES Act Paycheck Protection Program.
“I am so proud of our team here at Mechanics for their hard work and dedication throughout this past weekend, in direct support of the emergency lending needs of our local small business community.” said Joseph T. Baptista Jr., President and CEO of Mechanics Cooperative Bank. “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. Its 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.”
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 like Mechanics Cooperative Bank. These loans can be used for payroll costs, business expenses, rent, and utilities.
This program is a major boost for our nation, and our local small business community. It provides an incentive to retain employees while providing much needed financial relief for payroll and other business expenses.
There are many important elements to understand if your small business is considering the Paycheck Protection Program. If you are a small business owner and need additional information, it’s important to consult with your banking and tax ad visors to determine which option is right for you.
More detailed information can be found on the Bank’s COVID-19 information page at https://mechanics-coop.com/about-us/coronavirus/.
About Mechanics Cooperative Bank
With total assets over $600 million, Mechanics Cooperative Bank offers a wide variety of personal and business deposit and loan products. As a Massachusetts co-operative bank, 100% of customers’ deposits are always fully insured. Established in 1877, Mechanics Cooperative Bank is Massachusetts’ second-oldest co-operative bank with eight conveniently located branches in Bridgewater, Taunton, North Dighton, Somerset, Swansea, Fall River and Westport. For more information, call 1-888-MECHANICS (632-4264) or visit Mechanics-Coop.com. Member FDIC. Member SIF. Equal Housing Lender.