Leader Bank Helps 1,775 Small Businesses with PPP Loans During COVID Pandemic
ARLINGTON, Mass., Aug. 25, 2020 /PRNewswire/ — During the COVID-19 pandemic, Leader Bank, N.A. has been a proud participant in the Small Business Administration’s Paycheck Protection Program, also known as the PPP. Since the PPP was authorized by Congress, Leader Bank has aided over 1,775 small businesses by lending more than $137 Million with an average PPP loan size of $89,000.
“We are proud to participate in the PPP program and help those small businesses who really needed it. Nearly 90% of our loans were less than $150,000 to help struggling businesses in the community,” said Sushil Tuli, Chairman & CEO of Leader Bank.
To facilitate such a large number of PPP applications quickly, Leader Bank created its own dedicated portal (leaderbizloans.com) along with functionality to submit loans directly to the SBA. “We used technology and other tools at our disposal to move quickly to help those in need. We are excited to have built so many new long-term customer relationships,” said Tuli.
With the passage of the Paycheck Protection Program Flexibility Act, PPP borrowers now have significantly more flexibility in seeking forgiveness. This includes extending the time period for spending PPP funds, reducing the percentage of forgiveness that must be spent on payroll costs, and other key reforms. Leader Bank will continue to support its PPP loan customers and monitor further developments for loan forgiveness and additional funding, as small businesses work to get back on their feet.
About Leader Bank
With assets of nearly $2 billion, Leader Bank, N.A. is a nationally chartered bank founded in 2002 with seven full-service branches in Arlington, Belmont, Boston, Burlington, and Cambridge. Leader Bank offers a full range of personal and business banking products including personal and business checking accounts, commercial and residential lending products, home equity lines of credit, deposit products with highly competitive rates and free online banking and bill payment services. Visit Leader Bank’s website at www.leaderbank.com or any one of the Bank’s convenient branch locations for more information. Member FDIC and Equal Housing Lender, NMLS #449250.
SOURCE Leader Bank