May 27, 2020
Taking Care of Businesses During COVID-19
Avidia offers relief loans and other support for small businesses
Don’t let the word “small” fool you. When it comes to helping power local economies, small businesses are HUGE contributors. There are more than 30 million small businesses in the United States, which account for nearly two-thirds of new jobs created nationwide.
But, with the economic uncertainty and business restrictions of COVID-19, many businesses are at serious risk of shutting down and never opening their doors again.
As a mutual savings bank that supports the local community, Avidia is doing everything we can to help businesses access the capital and support they need to keep running. One of the ways we’re proud to help is by participating in the Small Business Administration’s Paycheck Protection Program (PPP) designed to help businesses maintain their workforce during the COVID-19 crisis. To date, the bank has provided some $185.5 million in relief funding to more than 1,500 local companies. One of the reasons Avidia has had such an impact is accessibility. “We’ve made the loans available to all businesses in our market area, not just our own customers,” said Andrea Blood, vice president in commercial lending. The bank is also working to ensure that one of the best features of PPP loans, loan forgiveness, is simplified. “We’re currently working on automating and streamlining the process for business owners,” added Blood.
For small or mid-sized businesses that don’t quality for either a PPP loan, Avidia offers additional solutions – Main Street Lending Program Loans available through the Federal Reserve. These non-forgivable loans can be used for rent/mortgage, payroll, inventory, and other working capital needs.
Other ways we’re taking care of business
In addition to our relief loans, we’re working to help support local businesses in a variety of other ways. Through our “Small Business, Big Difference Program,” we’ll be using our radio spots on 98.5 The Sports Hub, as well as digital advertising, to highlight what specials, offers, prizes, and opportunities are available from local businesses, including restaurants, retail stores, and non-profits. We’ve also created Takeout Tuesdays on our Instagram @AvidiaBank to help provide additional exposure to local businesses.
Another way we were proud to support local businesses was through gift cards we purchased from local vendors and gave away randomly to customers who visited our drive-thru windows.
“During this difficult time, it’s very gratifying to know that Avidia can do something to help our communities in a meaningful way. We can all sleep better at night knowing we’re helping business owners, their employees, and our whole community,” said Janeiro.
We’re open to helping your business
To learn more about our array of relief loan programs and other ways Avidia Bank can help your business and your community, call us today at 800-508-2265.