Supporting Our Communities, Together
In these unprecedented times, as we are faced with the many challenges of the Coronavirus pandemic, it is crucial that we all come together for the benefit of our communities.
This includes a call-to-action for banks to help small businesses that are being tested like never before.
Locally, small, independent, and family-owned businesses are tapping into personal savings, 401Ks and any additional resources available to them in order to stay open. As an essential business, Bank of Marin remains open and we are finding ways to help ease these financial burdens for our customers. Our bankers are working closely with their clients to understand their unique needs and tailor services accordingly.
Along with waiving ATM and overdraft fees, we are offering payment relief programs for our commercial banking customers. We are also participating in the Small Business Administration’s Paycheck Protection Program, which provides low-interest loans to small businesses to cover payroll expenses and other overhead costs. In April, through two waves of SBA funding, we submitted and received approval for more than 1,450 applications for a total of $294 million, which will help over 25,000 small business employees during this crisis, and we continue to accept loan requests.
We also continue to work closely with nonprofit organizations who are providing much needed support to the less fortunate. Be assured that our annual giving program is continuing in earnest, and we are working with local and county leaders to allocate additional funds to COVID-19 relief.
As we navigate through this crisis, it is incumbent on all of us to support our local businesses and nonprofit organizations as best we can. Acts of kindness and support, done virtually and from a distance, go a long way toward helping our communities through this crisis.
While you are all doing your part, you can count on Bank of Marin to do ours.