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Century Savings Bank Makes Big Difference for 175 COVID-19 Affected Small Businesses and Non-Profits
VINELAND, NJ – April 20, 2020 – Century Savings Bank has provided much-needed relief to many local small businesses and non-profits that are struggling to keep their workers employed amid the COVID-19 crisis and economic downturn.
Between April 3rd and April 16th, Century secured more than $27 million of vital Paycheck Protection Program (PPP) funding on behalf of local applicants – funding that will enable 175 distressed South Jersey businesses and non-profits to continue the employment of what could amount to thousands of people in the upcoming weeks. The bank has already disbursed most of that money to borrowers.
The Paycheck Protection Program is a key small business relief component of the recently passed Coronavirus Aid, Relief, and Economic Security (CARES) Act. This nearly $350 billion initiative is intended to enable small businesses slowed or stopped by COVID-19 to continue paying their employees for the next few months by allowing participating banks to join forces with the Small Business Association (SBA) and make hassle-free, 100% federally guaranteed loans to small businesses in need. Here’s the best part: the amounts borrowed may be a “loan” in name only. Subject to SBA guidelines, the amount of the proceeds a borrower spends in the first eight weeks on payroll costs, mortgage payments, rent and insurance may be partly or entirely forgiven.
For any portion of the loan that is not fully forgiven, the loan carries a 1.00% fixed interest rate and is due within two years. All payments are deferred for 6 months; however, interest will continue to accrue over this period. There are no prepayment penalties or fees. No collateral is needed.
“Funding provided by the Paycheck Protection Program is critical to the small businesses in our area, and Century is proud to have participated as an authorized PPP lender. Our wish is to keep as many of our neighbors employed as we can, and our battle-tested lending team has fervently worked toward that end,” said David J. Hanrahan, President of Century Savings Bank. “As a community, it’s essential that we all do our part to get through this crisis together; and as your community bank, we’re embracing the opportunity to help lessen the negative impact this crisis is having on so many. Every PPP dollar we’re able to dispense feels like a big win. We’re proud to be making a difference.”
“Here at Century, we understand that small businesses and non-profit organizations are the backbone of our community, and our community roots run deep,” said Bank CEO Dave Hemple. "We have over 155 years of experience working for our friends and neighbors. We are in this together, and we are here for you. Our lenders are working day and night to bring tangible relief to our local businesses. Hundreds, if not thousands, of workers in this area will continue to be
employed thanks to this program. We are working hard to make that happen.”
The Federal Treasury announced that beginning April 3, 2020, most small businesses and nonprofits could begin submitting their Paycheck Protection Program applications. On April 16th, the Treasury announced that the PPP funding was exhausted. As a result, Century is no longer accepting PPP applications.
For additional information regarding Century’s COVID-19 response and assistance for small businesses, visit centurysb.com or call the bank’s lending department at (856) 690-9105.
About CENTURY SAVINGS BANK Based on strong, traditional values and local decision-making, Century Savings Bank is dedicated to being the premier financial services provider in the area, focused on the changing needs of people and business in our communities by providing the highest level of quality service.
One of America’s oldest banks, Century Savings Bank began as a small mortgage association in downtown Bridgeton in 1865 and has since grown into a full-service community bank with six locations in the heart of South Jersey. Along with its headquarters in Vineland, the bank maintains branches in Upper Deerfield, Vineland (two offices), Elmer, Mullica Hill, and Gibbstown. Century Savings Bank offers a full line of products and services, including online banking and bill pay, mobile banking, and a full suite of cash management services to meet all your consumer and commercial banking needs.
We are dedicated bankers who live and invest in the communities we serve. To learn more about Century Savings Bank and Community Banking Plus stop by one of our banking center locations, call 844-CSB4ME, or visit www.centurysb.com
For any portion of the loan that is not fully forgiven, the loan carries a 1.00% fixed interest rate and is due within two years. All payments are deferred for 6 months; however, interest will continue to accrue over this period. There are no prepayment penalties or fees. No collateral is needed.
“Funding provided by the Paycheck Protection Program is critical to the small businesses in our area, and Century is proud to have participated as an authorized PPP lender. Our wish is to keep as many of our neighbors employed as we can, and our battle-tested lending team has fervently worked toward that end,” said David J. Hanrahan, President of Century Savings Bank. “As a community, it’s essential that we all do our part to get through this crisis together; and as your community bank, we’re embracing the opportunity to help lessen the negative impact this crisis is having on so many. Every PPP dollar we’re able to dispense feels like a big win. We’re proud to be making a difference.”
“Here at Century, we understand that small businesses and non-profit organizations are the backbone of our community, and our community roots run deep,” said Bank CEO Dave Hemple. "We have over 155 years of experience working for our friends and neighbors. We are in this together, and we are here for you. Our lenders are working day and night to bring tangible relief to our local businesses. Hundreds, if not thousands, of workers in this area will continue to be
employed thanks to this program. We are working hard to make that happen.”
The Federal Treasury announced that beginning April 3, 2020, most small businesses and nonprofits could begin submitting their Paycheck Protection Program applications. On April 16th, the Treasury announced that the PPP funding was exhausted. As a result, Century is no longer accepting PPP applications.
For additional information regarding Century’s COVID-19 response and assistance for small businesses, visit centurysb.com or call the bank’s lending department at (856) 690-9105.
About CENTURY SAVINGS BANK Based on strong, traditional values and local decision-making, Century Savings Bank is dedicated to being the premier financial services provider in the area, focused on the changing needs of people and business in our communities by providing the highest level of quality service.
One of America’s oldest banks, Century Savings Bank began as a small mortgage association in downtown Bridgeton in 1865 and has since grown into a full-service community bank with six locations in the heart of South Jersey. Along with its headquarters in Vineland, the bank maintains branches in Upper Deerfield, Vineland (two offices), Elmer, Mullica Hill, and Gibbstown. Century Savings Bank offers a full line of products and services, including online banking and bill pay, mobile banking, and a full suite of cash management services to meet all your consumer and commercial banking needs.
We are dedicated bankers who live and invest in the communities we serve. To learn more about Century Savings Bank and Community Banking Plus stop by one of our banking center locations, call 844-CSB4ME, or visit www.centurysb.com
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