FSB approves $25 million in Paycheck Protection Program loans
Franklin Savings Bank was one of 5,400 financial institutions who participated in the U.S. Small Business Administration’s Paycheck Protection Program or PPP. The program was established as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act and is administered by the SBA. PPP provides small businesses with less than 500 employees with funding to pay for up to eight weeks of payroll costs. Loans are eligible for forgiveness when at least 75% of the funds are used for payroll costs, interest on mortgages, rent and utilities.
Recognizing a need to assist our small business community during the COVID-19 outbreak, FSB assembled a PPP team to assist customers with obtaining loans. Under the leadership of Greg Legier, Regional VP, Commercial Loan Officer, our team included Heather Capraro, Barbara Laros and Andrew Cirrone from business development; Mike Duval, Jon Jones, Linda Deleel and Mallorie Hall with commercial lending; Debbie Clapp, Aimee Messer, and Kim Bliss from credit; and Jen Sleeper and Leisha Havey with loan operations. Collectively, this team processed and received approvals from the SBA on 250 loans totaling over $25 million; saving 3,000 local jobs! This is truly an amazing accomplishment, and we are very proud of our PPP team’s efforts!
FSB waives fees for 60 days
In light of these unprecedented times, FSB made the decision to waive fees on all overdraft, returned item, returned deposit item, and companion account transfer fees for the period March 23rd – May 21st. We recognize that individuals in our communities may be struggling to meet their financial obligations. By waiving these fees for 60 days, it is our hope that we were able to free up money, which could be used to support our customers and their families as well as our businesses during these unsettling times.
21 Local Food Pantries receive $10,500 from FSB
At its March meeting, FSB’s Board of Directors approved a $10,500 donation to support 21 local food pantries with keeping their shelves stocked during the COVID-19 outbreak.
The following community food pantries each received $500 to assist with meeting the increasing demand for food: Twin Rivers Interfaith Food Pantry, Bread & Roses, Franklin Methodist Church Food Bank, and First Fruits Food Pantry (Franklin area); St. Gabriel Food Pantry, St. Mary of the Assumption Church, and St. Joseph Catholic Church (Tilton area); Gilford Got Lunch! Program, St. Vincent de Paul Food Pantry, and Isiah 61 Café (Gilford area); St. James United Methodist Church Food Pantry and St. Joseph Community Services Meals on Wheels (Merrimack area); Bristol Community Services Food Pantry; Danbury Food Kitchen; Weare Food Pantry; Goffstown Network Food Pantry; New Horizons (Manchester); Open Door Community Kitchen (Penacook); Boscawen Food Pantry; Friendly Kitchen (Concord); and Nashua Soup Kitchen & Shelter.
FSB treats Employees to $10 Gift Certificates to Local Restaurants
In an effort to assist local restaurants affected by the Stay-at-Home order, FSB began purchasing $10 gift certificates to local restaurant customers throughout its market area. Since the beginning of April, each employee has received a gift certificate to the following establishments:
- Rollin in the Dough – Franklin
- Bristol Diner – Bristol
- Café Déjà Vu – Laconia
- Kapelli’s Pizzeria – Boscawen
- Green Ginger Thai Cuisine – Merrimack
- The Blue Moose Café – Goffstown
In exchange, each restaurant received a $1,250 check, representing a total of $7,500 donated to our business customers!
First Responders & Healthcare Professionals receive Lunch courtesy of FSB
To show our appreciation and gratitude to our first responders and healthcare professionals, FSB had lunch delivered to a few local police departments, Merrimack County Sheriff’s Office, Concord Fire Department and Franklin Regional Hospital. We are truly grateful to those individuals who are on the frontline assisting others, during the novel coronavirus pandemic. Their compassion and commitment are truly inspiring!
NH NonProfit Response Fund receives $15,000 donation from FSB
FSB recently purchased $15,000 in tax credits to support the NH Nonprofit Response Fund. Supported in part by contributions from the business community in exchange for tax credits and loans from the Community Development Finance Authority (CDFA) and NH Business Finance Authority, the Fund will provide nonprofit organizations with critical resources of up to $100,000 to meet the needs of the state’s most vulnerable residents, as well as individuals serving on the front lines during the pandemic.
The CDFA has identified four specific areas the Fund will address, including the needs of community-based organizations serving on the front lines of the pandemic; costs associated with new activities or adaptation for activities directly related to COVID-19; increase in demand for services provided to the most vulnerable populations as a result of the virus outbreak; along with reductions in revenue and other resources for nonprofits due to COVID-19.
FSB donates $500 to Greater YMCA’s COVID-19 Assistance Fund
Donations raised will support various programs provided by the YMCA to include emergency childcare, food distribution and senior outreach, just to name a few. The bank’s gift will be directed to the emergency childcare program to assist first responder families with financial assistance.