DR Bank has been an active participant in the SBA’s Payroll Protection Program, assisting over 250 businesses in securing financing that will help them support payroll and other critical infrastructure expenses until they are able to resume normal operations. This interim financing will preserve over 4,300 jobs.
“The COVID-19 economic crisis illustrated to me the stark difference between a regional, large money center bank and a community bank like DR Bank,” commented Charles Mallory, CEO of the Greenwich Hospitality Group. “When the PPP life preserver was rushed to market by Congress, DR Bank’s underwriting and management team were nimble and created an efficient, streamlined application process resulting in quick SBA approval and funding on the first round.”
“During difficult times, it really matters where you bank,” noted John Barbalaco, DR Bank’s Chief Banking Officer. “We were able to get loans approved and funded for companies that were experiencing difficulty accessing the program at larger banks.”
“There is still funding available and we will be accepting applications as long as the program remains open. It’s a great time for any business that has not had an opportunity to apply to begin the process,” added Mr. Barbalaco.