Local banking partner and WCOED member, First Federal Bank, has partnered with the state economic development entity, JobsOhio, to offer additional financing to area small businesses effected by COVID-19.
The following is a JobsOhio Press Release found here: https://www.jobsohio.com/media-relations/posts/lending-support-for-small-businesses/
FOR IMMEDIATE RELEASE
April 21, 2020
Columbus – Today, JobsOhio, Peoples Bank and First Federal/Home Savings Bank announced a partnership to support existing small business clients with maintaining operations and payroll during the COVID-19 pandemic. JobsOhio has committed up to $50 million to assist Peoples Bank and recently merged First Federal Bank and Home Savings Bank – with providing lending support to companies negatively affected by the coronavirus pandemic.
“JobsOhio’s partnership with Peoples Bank, First Federal and Home Savings Bank will support efforts to sustain Ohio small businesses as they confront unprecedented challenges from COVID-19’s impact on our economy,” said J.P. Nauseef, JobsOhio president and chief executive officer. “First Federal Bank, Home Savings Bank and Peoples Bank are Ohio institutions supporting Ohio businesses. We are optimistic this effort will provide businesses the assistance they need to navigate this crisis.”
The partnership with JobsOhio enables Peoples Bank, First Federal Bank/Home Savings Bank to provide additional financing on favorable terms for local businesses in good standing that would otherwise not be able to access this credit on such terms due to the COVID-19 crisis. JobsOhio’s support provides these banks additional capacity to increase their lending to existing business clients by up to $200,000 per business, with funds available for immediate use.
“Peoples Bank is committed to helping our communities, and small businesses are the backbone of the local economy,” said Chuck Sulerzyski, Peoples Bank president and chief executive officer. “We are excited to announce this partnership with JobsOhio and get capital into the hands of small businesses.”
With the JobsOhio partnership, First Federal/Home Savings Bank will be in a strong position to assist its small businesses clients across the northern half of Ohio.
“We commend JobsOhio for creating this program to assist Ohio’s small businesses that are so vital to our communities,” said Don Hileman, CEO of First Federal Bank of the Midwest.“We’re proud to be able to support the program and our business customers during this time of need.”
Eligible businesses can use the newly available loan funds for working capital, including payroll, rent, mortgages or other fixed debts, utilities and other bills. For information on how to apply for this lending support, businesses should visit online at peoplesbancorp.com/coronavirus, First-fedbanking.com/COVID-19 or Homesavings.com/COVID-19.