Chelsea Groton Bank Assisted More Businesses with Paycheck Protection Program (PPP) Loans Than Any Lender in Region
Chelsea Groton Bank was the leading Small Business Administration (SBA) Paycheck Protection Program (PPP) lender in the region. Through Chelsea Groton’s all-hands-on-deck approach, the Bank was able to approve and fund 1,027 loans totaling over $116 million to local businesses between the first and second rounds of the PPP, saving over 8,500 jobs in the region.
“I couldn’t be more proud of the way the Chelsea Groton team came together for our business customers and community members,” said Tony Joyce, EVP, Chief Operating Officer at Chelsea Groton Bank. “Over 60 team members were actively involved in working with customers, starting with understanding and communicating the ever-changing PPP program guidance, walking customers through the application, gathering and dropping off documentation, curbside services, training team members from other departments, and communicating to customers and prospects throughout the process by way of thousands of phone and video calls, texts and emails. All in addition to their regular duties, while following all required Covid precautions and with many team members working remotely. It doesn’t get more all-hands-on-deck than the PPP experience at Chelsea Groton.”
Cathleen Holland, co-owner of S&P Oyster Restaurant and Bar in Mystic shared, “I’m very thankful for my relationship with Chelsea Groton. Because of the strong relationship we have, we were able to get a quick extension on our existing line of credit followed by the PPP loan which was so important in keeping us afloat. Chelsea Groton did an incredible job of guiding customers throughout the entire process, from application through forgiveness.”
In addition to the record number of PPP loans the Bank processed, Chelsea Groton also developed their own Small Business Relief Loan, which offered a good option for businesses in need of relief during the pandemic, beyond the PPP.
While non-profits were not eligible for the Bank’s Small Business Relief Loan, many benefited from both PPP and Chelsea Groton Foundation grants. The Foundation and Bank gave an unprecedented $1 Million in giving to the community in response to the challenges the non-profit community faced during the pandemic. The Bank was recently named Outstanding Business Supporter of Arts & Culture by the Cultural Coalition in response to the support Chelsea Groton provided to the arts community throughout the PPP process, and for the tremendous level of financial support provided through grant donations to struggling arts and cultural organizations.
“The Bank’s mission, which is ‘We help our customers and communities achieve their specific goals by taking them on as if they were our own,’ was a guiding light through all of this,” expressed Michael Rauh, President and CEO of Chelsea Groton Bank. “We committed from the very beginning of the pandemic to do whatever we could to help keep local businesses and organizations afloat, in addition to providing assistance so people could stay in their homes, adjust their budgets, plan for retirement, and more. The team at Chelsea Groton rolled up their sleeves, was trained in new areas, and literally worked around the clock in order to help people in any way they could. I’ve had many proud moments at Chelsea Groton, but I’ve never been so proud as I was with how our organization came together when the community needed us most.”