Bank of Bennington provides 360 PPP loans to meet needs of community

-A A +A

Bank of Bennington provides 360 PPP loans to meet needs of community

Fri, 06/26/2020 - 5:01am -- tim

Vermont Business Magazine The Bank of Bennington is proud to have been able to serve its community during the COVID-19 pandemic.

Most notably, the bank worked quickly with local businesses to provide more than 360 Payroll Protection Program (PPP) Loans to local businesses in a four-week period of time. Working seven days a week, Dave Bardin, Senior Vice President of Commercial Lending, Kelley Legacy, Vice President Commercial Lending in Bennington, and Scott Dikeman, Vice President Commercial Lending in Rutland, along with their support teams were able to put more than $27 million dollars into the local economy to assist businesses with the ability to retain their employees during this unprecedented time.

Bardin said, “It was a remarkable period, during which we worked diligently to ensure that the critical PPP stimulus monies were distributed to those who needed them and qualified in all of the surrounding communities that our bank serves. We felt it was imperative to get as many PPP loans as possible for the economic survival of our region.  As a result of the bank’s ability to be nimble, we were able to assemble a dedicated team of coworkers who understood the importance of providing a quick response to this stimulus program.  As a result of this proficiency, we were able to process PPP applications on the first day that the SBA portal was live.  In fact, the bank had already received its first loan approval by 7 a.m.  The team made sure that every PPP application was processed before the end of each day, to guarantee that every applicant had a commitment for this vital stimulus money.”  We continue to stand ready to assist our business community.

While most of the businesses were already customers of the bank, many new customers came to them for help because of the bank’s responsiveness and professionalism.  Due to the urgency in the process, the bank’s customers received a live person to consult and navigate the process quickly.

In addition, the bank found creative ways to continue to serve the general banking needs of its customers.  The bank created a new walk-up window at the Main Office on North Street to accommodate the much-received foot traffic and to accommodate those who did not feel comfortable using the drive-up window.  The lobbies remained open by appointment, providing an opportunity for customers to still transact business and open accounts.

Now with guidance from the Governor, the bank lobbies have reopened with limited capacity.  “We missed the daily interaction with our customers and look forward to seeing everyone again,” said Retail Coordinator, Alec Nicol.

The Bank of Bennington is a full-service mutual community bank headquartered in Bennington, VT with branches in Manchester, Arlington, and Rutland VT.  Known for its customer service, financial strength, and community involvement, the bank offers financial planning services and an array of deposit and loan products including checking, savings, certificates of deposit, retirement plans, and loan accounts for personal and commercial customers.

Source: Bennington, VT- The Bank of Bennington 6.25.2020