Leader Bank Helps 1,775 Small Businesses with PPP Loans During COVID Pandemic
Arlington, MA – During the COVID-19 pandemic, Leader Bank, N.A. has been a proud participant in the Small Business Administration’s Paycheck Protection Program, also known as the PPP. Since the PPP was authorized by Congress, Leader Bank has aided over 1,775 small businesses by lending more than $137 Million with an average PPP loan size of $89,000.
“We are proud to participate in the PPP program and help those small businesses who really needed it. Nearly 90% of our loans were less than $150,000 to help struggling businesses in the community,” said Sushil Tuli, Chairman & CEO of Leader Bank.
To facilitate such a large number of PPP applications quickly, Leader Bank created its own dedicated portal (leaderbizloans.com) along with functionality to submit loans directly to the SBA. “We used technology and other tools at our disposal to move quickly to help those in need. We are excited to have built so many new long-term customer relationships,” said Tuli.
With the passage of the Paycheck Protection Program Flexibility Act, PPP borrowers now have significantly more flexibility in seeking forgiveness. This includes extending the time period for spending PPP funds, reducing the percentage of forgiveness that must be spent on payroll costs, and other key reforms. Leader Bank will continue to support its PPP loan customers and monitor further developments for loan forgiveness and additional funding, as small businesses work to get back on their feet.
About Leader Bank
Founded in 2002, Leader Bank is a Massachusetts-based entrepreneurial financial institution that approaches banking differently. The core tenets of Leader Bank include world-class client service, exemplary products, and innovation to meet the needs of its clients. At its founding, Leader Bank had $6.5 million in assets – in the two decades since, the Bank has grown into one of the most successful financial institutions in the Commonwealth with $4 billion in assets. Leader Bank’s team members have been at the forefront of supporting the Bank’s rapid growth and client-oriented solutions over the last two decades as the Bank has expanded its commercial and retail products and solutions. Leader Bank is a committed corporate citizen and prides itself on partnering with and supporting philanthropic organizations. More information on Leader Bank can be found at www.leaderbank.com.
