Business News – Kennebunk Savings recognized for its work with small businesses
Kennebunk Savings has been recognized by the Small Business Administration for its work with the small business community amid the COVID-19 pandemic. The bank received the District Manager’s Award for its exemplary lending practices aimed at supporting local businesses at a critical time.
âKennebunk Savings has always been among the Top 10 Small Business Administration lenders in Maine,â said Diane L. Sturgeon, district manager for the Small Business Administration, in a Dec. 15 press release. “But from 2020 to 2021, they showed significant increases in loans for small businesses in Maine.”
âThe Director’s Award recognizes 504 and 7 (a) loans, which are types of loans where a portion of the funds are guaranteed by the SBA,â said Chris Kehl, executive vice president and general manager of Kennebunk Savings, in a commentary. E-mail. âIt’s for new businesses and collateral gaps – areas where we might not normally be able to lend. As you can imagine, over the past couple of years these types of loans have been essential to our small business community and we have worked overtime to provide as many as possible.
Paycheck Protection Program loans are perhaps better known to the general public and have been made available to businesses of all sizes. According to the press release, “Kennebunk Savings’ PPP portfolio shows continued dedication to small businesses and local businesses, as 89% of the bank’s first round PPP loans were less than $ 150,000.”
âWe understand our customers and our communities,â said Bradford C. Paige, president and CEO of Kennebunk Savings, in an email. âAnd the small businesses in our communities know they can count on us, especially during times of economic stress. While we are certainly proud to be honored with the Director’s Award, we are even more proud of the significant impact our work has had on the small business community throughout the pandemic. “
According to the press release, the SBA District Director Award is given in recognition of lenders who âdramatically increaseâ their use of small business administration programs in loan portfolios and make âefforts to increase accessâ to loans. programs like the Paycheck Protection Program.
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