April 7, 2020
Cincinnati banks and lenders working to help RESTART small businesses
As businesses across the country work to apply for loans through the SBA’s Paycheck Protection Program, the RESTART Task Force, under the leadership of Fifth Third Bank Chairman, President and CEO Greg Carmichael, assembled the leaders of nearly every major bank in the region to discuss how to ensure Cincinnati region businesses get access to as much of the available capital as possible.
The hardest hit business sectors in the Cincinnati region could need as much as $250 million in support to weather the storm caused by the COVID-19 crisis. The need for all businesses could be much higher.
“It is imperative that every bank in this region work closely with their customers to support them in the emergency loan application process,” said Carmichael. “We have a simple message for Cincinnati region businesses: we are here to support you and we will do our utmost to guide you in this process.
The Cincinnati region banking community unanimously agreed that the most important thing businesses can do to effectively secure the funding is to work directly with their existing bank for support during this process. The regional banking community will stay connected as the CARES Act program gets ramped up, sharing information about how the process is working in an effort to maximize the dollars the region can secure.
Businesses should also reach out to their local bank for support in payment deferrals and other programs to help businesses survive and be ready to reopen.
In addition, the RESTART Task Force commissioned content for the Cincinnati Chamber website to give businesses simple and clear information about what they will need to finalize the application for the SBA PPP loan. The site is listed below and is being shared widely online and through membership networks of dozens of organizations in the region.
“The Cincinnati region must make sure we’re coordinating to secure every single dollar we need to regain the momentum we had before the COVID-19 crisis,” said Jill Meyer, President and CEO of the Cincinnati USA Regional Chamber. “All the resources a business needs to capture the available federal dollars can be found on our website, but the single most important message is this: Call your existing bank. They are ready to help and ready to support you in what you need.”
The Cincinnati Chamber’s website at cincinnatichamber.com/SBAbusinesshelp now includes links to the SBA PPP Application, information on what is needed to complete the application, and links to banks in this region who are participating in the program.
“Our local bank leaders are demonstrating a strong commitment to supporting our regional economy,” said Gary Lindgren, President of the Cincinnati Business Committee and Cincinnati Regional Business Committee. “Their efforts to work collectively will help our community access urgently needed resources for businesses and their employees.”
The RESTART Task Force was convened two weeks ago by the Cincinnati Chamber, the Cincinnati Business Committee and the Cincinnati Regional Business Committee. Led by more than 20 CEOs from throughout the region, the task force is working to ensure the Cincinnati region recovers strongly and regains the momentum it had before the COVID-19 crisis.