WYOMISSING, Pa.--(BUSINESS WIRE)--
The Small Business Administration (SBA) has taken swift action to offer support to small business owners who have been impacted by the economic implications of the novel Coronavirus (COVID-19). The SBA announced yesterday that it is working with state Governors and will provide up to $2 million in targeted, low-interest disaster recovery loans to companies severely affected by the Coronavirus.
In addition to disaster relief that is being offered by the government, Customers Bank (NYSE:CUBI) is reaching out to small business clients to make them aware of the SBA’s emergency program, traditional SBA financing options, and other financial assistance options being offered by the bank, including lines of credit. The bank will continue to closely monitor developments related to COVID-19 and offer assistance to business clients, should they need it.
“We value the health and wellbeing of our clients and team members above all else and want to make sure the business community is aware of this important program,” stated Richard Ehst, President and CEO of Customers Bank. “We want businesses throughout the community to know we are available to help them navigate the complexities of the SBA loan process. We can also provide other financial solutions, including lines of credit, to help mitigate any issues caused by this situation. We have committed to provide $200 million in new small business lending to qualifying companies.”
Customers Bank ranked 63rd in the nation in 2019 for SBA government-guaranteed lending.
Further, the bank’s investment in digitization provides online access to many financial services, including check deposits and bill paying, that can be accessed by its online and mobile consumer and business banking systems and apps.
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About Customers Bank
Customers Bank is a full-service bank with assets of approximately $11.5 billion at December 31, 2019. A member of the Federal Reserve System with deposits insured by the Federal Deposit Insurance Corporation, Customers Bank is an equal opportunity lender that provides a range of banking services to small and medium-sized businesses, professionals, individuals and families through offices in Pennsylvania, Illinois, Washington, D.C., New York, Rhode Island, Massachusetts, New Hampshire and New Jersey. Committed to fostering customer loyalty, Customers Bank uses a High Tech/High Touch strategy that includes use of industry-leading technology to provide customers better access to their money, as well as Concierge Banking® by appointment at customers’ homes or offices 12 hours a day, seven days a week. Customers Bank offers a continually expanding portfolio of loans to small businesses, multi-family projects, mortgage companies and consumers. Customers Bank, with its headquarters located in Phoenixville, Pennsylvania, is a subsidiary of Customers Bancorp, Inc., a bank holding company. The voting common shares of Customers Bancorp, Inc. are listed on the New York Stock Exchange under the symbol CUBI. Additional information about Customers Bancorp, Inc. can be found on the Company’s website, .
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