Small businesses move toward recovery with help from Flushing Bank
More than a year into the COVID-19 crisis and small businesses are slowly rebounding from its devastating effects. Throughout this unprecedented time, many business owners sought financial assistance as a means to pay their employees, keep their doors open, and maintain livelihoods. Where the midsize and large banks often fell short, Flushing Bank came through—assisting a range of small businesses in recovery.
SMALL ENOUGH TO KNOW YOU. LARGE ENOUGH TO HELP YOU. ®
As a small, community bank with the products and services of a large bank, Flushing Bank was able to provide exceptional customer service with a highly personalized touch during a time when people needed it most.
In fact, Flushing Bank proved to be a reliable and nimble resource for numerous avenues of federal aid. This included both rounds of PPP loans, which allowed many small businesses to secure vital government funding. Proudly, since April of 2020, Flushing Bank has successfully funded every PPP loan application for customers and non- customers alike. And during the second round of the PPP, their partnership with a fintech company helped Flushing Bank improve their application process, resulting in more applications compared to 2020.
Mark Sgantzos, co-owner of Clark’s Diner said, “Thanks to Flushing Bank and our PPP loan, we were able to maintain our staff, provide outdoor dining, and buy the necessary equipment to keep our employees and customers safe. We are very appreciative of Flushing Bank’s accessibility and support.”
Flushing Bank also offered additional financial help to customers through such resources as the Main Street Lending Program, a Federal Reserve loan program designed to help small- to medium-sized businesses that were financially sound prior to COVID-19. Additionally, through the Federal Home Loan Bank of New York’s Small Business Recovery Grant Program, Flushing Bank distributed grants to small businesses and non-profit organizations in their local markets.
Andrew Bly, Principal and CEO at The Molecule commented, “I cannot thank Flushing Bank enough for all their help in getting both rounds of PPP funds for our visual effects company. We wouldn’t be here if it wasn’t for their tireless work and support. We’re confident that 2021 will turn. out to be our best year yet.”
SUPPORTING RECOVERY ACROSS ALL INDUSTRIES.
As a bank that’s truly part of the community, Flushing Bank saw firsthand how hard businesses in the neighborhood were hit by the pandemic. From local businesses and healthcare facilities to schools and non-profit organizations, Flushing Bank worked closely with all types of businesses to guide them through the loan process, answer questions, and expedite solutions.
Noor Baqueri of Unitech Print remarked, “The PPP loan we received through Flushing Bank provided the necessary funds to keep our family owned and operated printing company in business through this challenging time. In addition to their professional support, they have provided peace of mind for my family that is priceless.”
Mike Truesdell, President of Holy Cross High School in Queens also said, “Thank you to Flushing Bank. They were there to address all of our questions and concerns through both rounds of PPP applications. Through their dedicated work, we have been blessed to receive both draws.”
EVERYDAY BANKING REMAINED OF UTMOST IMPORTANCE.
Beyond federal funding programs, Flushing Bank never lost sight of the importance of everyday banking needs. Through appointment banking, customers safely met with branch staff during the crisis for more complex transactions, such as account servicing and access to traditional loans, including lines of credit and mortgages. Additionally, at a time when the health and safety of the community were never more vital, Flushing Bank launched a line of robust digital services. This digital transformation allowed customers to easily bank from their homes, any time of day.
Lynn Sherman, Executive Vice President of the Charles B. Wang Community Health Center said, “Flushing Bank worked with us through the Build NYC Resource tax-exempt bond transaction. They were actively involved in every step of our closing and provided professional yet personal customer service. Plus, with Flushing Bank’s assistance, we were able to successfully apply for our PPP loan. They facilitated a quick application and timely response. It’s refreshing to work with a bank that is as passionate about the community as we are.”
HOPE AND OPTIMISM FOR THE FUTURE.
Throughout this ongoing crisis, Flushing Bank never wavered from their tried and true, community-based approach. From financial services to local outreach, in which they delivered food donations to front line healthcare workers, Flushing Bank showed their neighbors that they truly care.
As 2021 progresses and vaccines continue to roll out, Flushing Bank is confident that small businesses will continue to bounce back. With branches across Queens, Brooklyn, Manhattan, and Long Island, supported by business bankers who are prepared to help, Flushing Bank remains staunchly dedicated to economic recovery and the next chapter of growth for small businesses.
For more information about Flushing Bank visit FlushingBank.com or call 800-581-2889.
