New money becomes available for the small-business loan program today, which means a lot more work for a Maryland community bank. During the first round it arranged $172 million in loans to 600 businesses in 10 days. That's its normal workload for a year.
Barry recognized early on in the coronavirus lockdown that small businesses would be desperate for credit and that federal money for emergency loans would quickly run out. He urged his team to get ready, in order to give the bank's customers a head start.
"We started to lay out end-to-end what do we think needs to happen, knowing there was a lot of empty boxes," Barry said."We said, 'What do we think the answers are?' And write them in pencil or in chalk, and we'll write them in ink when the government gives us answers."This process was more challenging because most of the bank's branches were closed. Barry and the rest of his team were working out of their homes.
Barry pulled bankers off other projects to work with small business-people who needed loans — often at night and on weekends. While many customers at big banks were left hanging, Taxson's loan was approved in about a week. And since she's using the money to pay her employees, she doesn't believe she'll have to pay it back.
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