Univest Bank and Trust Co. Leads Micro-Loan Recovery Program for Philadelphia Businesses
Five Local Banks Raise $650K for Loan Program to Benefit Small Businesses
September 28, 2020 - Univest Bank and Trust Co. (Univest) is partnering with local banks to participate in a loan program for small Philadelphia businesses impacted during this time of unprecedented challenges for the local economy. To date, Univest, Bryn Mawr Trust, Customers Bank, OceanFirst Bank and WSFS have committed $650,000 to fund the Micro-Loan Recovery Program.
These corporate citizens of the Philadelphia community are coming together to help address the needs of the city’s small businesses. With many already under financial strain due to forced closures in response to the COVID-19 pandemic, the dire situation for businesses was compounded by recent civil unrest. Many businesses in Philadelphia are devastated structurally and financially.
Businesses within the City of Philadelphia in need of financial assistance can apply for a 10-year low-interest-rate loan ranging from $3,000 to $25,000. By providing accessible loans for business owners, the goal is to keep businesses open and operating in Philadelphia.
“We’re proud to come together with our industry peers to do what’s right and support economic opportunity in the city,” said Michael Fitzgerald, market president of the East Penn and NJ Division of Univest Bank and Trust Co. “Being a small business owner is challenging enough without the additional obstacles imposed by a pandemic and the destruction of property we saw in the city. These funds could be the difference-maker for businesses to reopen and keep doors open. We hope that despite the current economic downturn, we can help Philadelphia businesses survive and thrive in the years to come.”
Philadelphia City Councilmember At-Large Allan Domb has championed the initiative, stating, “The Philadelphia lending community quickly came together to respond to customers’ needs during the COVID-19 pandemic, and the Micro-Loan Recovery Program is a reflection of how the community is going above and beyond to keep our local businesses afloat.”
Borrowers will benefit from having 0% interest in the first year and 1% interest in years two through 10. Businesses that have been in operation for 12 months are eligible to apply and no annual financial reporting is required. Full details of the program and the application can be found here. Completed applications and questions can go to PhilaMicroLoan@univest.net or to Jackie Fitzpatrick, senior vice president and area manager for Univest Bank and Trust Co. at 215-799-4722.
About Univest Financial Corporation
Univest Financial Corporation (UVSP), including its wholly-owned subsidiary Univest Bank and Trust Co., has approximately $6.1 billion in assets and $3.6 billion in assets under management and supervision through its Wealth Management lines of business as of June 30, 2020. Headquartered in Souderton, Pa., and founded in 1876, the Corporation and its subsidiaries provide a full range of financial solutions for individuals, businesses, municipalities and nonprofit organizations primarily in the Mid-Atlantic Region. Univest delivers these services through a network of more than 50 offices in southeastern Pennsylvania extending to the Lehigh Valley and Lancaster, as well as in New Jersey and Maryland and online at www.univest.net.
Univest Bank and Trust Co. is Member FDIC, an Equal Opportunity and SBA Preferred Lender.
About Bryn Mawr Bank Corporation
Bryn Mawr Bank Corporation (NASDAQ: BMTC), including its principal subsidiary, The Bryn Mawr Trust Company (BMT), was founded in 1889, and is headquartered in Bryn Mawr, Pa. BMT is a locally managed, premier financial services company providing retail and commercial banking; trust administration and wealth management; and insurance and risk management solutions. Bryn Mawr Bank Corporation has $5.27 billion in corporate assets and $17.0 billion in wealth assets under management, administration, supervision, and brokerage (as of 6/30/20). Today, the company operates 42 banking locations, seven (7) wealth management offices and two (2) insurance and risk management locations in the following counties: Montgomery, Chester, Delaware, Philadelphia, and Dauphin Counties in Pennsylvania; New Castle County in Delaware; and Mercer and Camden Counties in New Jersey. For more information, visit www.bmt.com
About Customers Bank
Customers Bank, a subsidiary of Customers Bancorp, Inc. a bank holding company, is a full-service super-community bank with assets of approximately $17.9 billion at June 30, 2020. 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 and lending services to small and medium-sized businesses, professionals, individuals, and families. Services and products are available wherever permitted by law through mobile-first apps, online portals, and a network of offices and branches. Customers Bancorp, Inc.’s voting common shares are listed on the New York Stock Exchange under the symbol CUBI. Additional information can be found on the company’s website, www.customersbank.com.
About OceanFirst Financial Corp.
OceanFirst Financial Corp.’s subsidiary, OceanFirst Bank N.A., founded in 1902, is an $11.3 billion regional bank operating throughout New Jersey, metropolitan Philadelphia and metropolitan New York City. OceanFirst Bank delivers commercial and residential financing solutions, trust and asset management, and deposit services and is one of the largest and oldest community-based financial institutions headquartered in New Jersey.
About WSFS Financial Corporation
WSFS Financial Corporation is a multi-billion-dollar financial services company. Its primary subsidiary, WSFS Bank, is the oldest and largest locally managed bank and trust company headquartered in Delaware and the greater Philadelphia region. As of June 30, 2020, WSFS Financial Corporation had $13.6 billion in assets on its balance sheet and $20.8 billion in assets under management and administration. WSFS operates from 115 offices, 90 of which are banking offices, located in Pennsylvania (54), Delaware (43), New Jersey (16), Virginia (1) and Nevada (1) and provides comprehensive financial services including commercial banking, retail banking, cash management and trust and wealth management. Other subsidiaries or divisions include Arrow Land Transfer, Cash Connect®, Cypress Capital Management, LLC, Christiana Trust of Delaware, NewLane Finance, Powdermill Financial Solutions, West Capital Management, WSFS Institutional Services, WSFS Mortgage, and WSFS Wealth Investments. Serving the greater Delaware Valley since 1832, WSFS Bank is one of the ten oldest banks in the United States continuously operating under the same name. For more information, please visit www.wsfsbank.com.