Jeremy Zeisloft, VP, Commercial Lending
We would’ve all chuckled at the beginning of 2020 if someone would’ve told us that PPP (short for the Small Business Administration’s Paycheck Protection Program would become the banking buzzword of this year.
However, the program itself is no laughing matter as the first round of $350 billion would prove necessary to help many of our community businesses with needed payroll injections to help survive the COVID-19 epidemic.
We started hearing about the introduction of the initial
stimulus bill, of which PPP funds were born, in mid-March. As businesses and
financial institutions across the country became aware of the program, it was
evident that this funding was going to be a huge help to many businesses locally
When PPP was announced, we worked hard to get ready. By the end of a two month period, we helped originate over 600 PPP loans, equating to $197 million, for our community businesses.
In response, on March 25, the Waterford Team jumped on the first of several conference calls to talk through the PPP loan program and to begin to lay the foundation for how we could help our local businesses, while understanding the volume of loans anticipated. Not long after that meeting, the entire banking team was buttoning up a strategy that would satisfy the needs of existing clients and prospects, whose banks were late in understanding the PPP impact.
All Hands On Deck
As we often discuss Waterford’s passion for relationship banking, the PPP program has brought to the surface just how committed our Bank is at building these relationships with our clients. Thinking back through our internal processes, I have come to realize that every employee at Waterford has had their hand in the Waterford PPP program. From retail to operations, IT to finance and beyond, everyone has pitched in to help provide small businesses with the resources they need to maintain their payroll, hire back employees, and cover applicable overhead.
Hard not to mention that this has all taken place with the serious epidemic affecting the country. While this continues, the Waterford team has gone above and beyond, helping from home or often coming in the office on weekends and scheduled days away. Our teams in origination, loan documentation, funding, and loan operations – have especially worked at a tireless pace to get these deals to the finish line.
The entire Waterford Team worked tirelessly during the COVID-19 epidemic to get PPP Loans into the hands of our area businesses.
Present Impact and Looking Forward
Through the combined effort of our Ohio and Michigan teams, over 660 loans were originated, input into the SBA system, documented, funded and then booked into the Waterford loan system during the first and second rounds of PPP. We’re proud to say that these 600+ loans equated to over $197 million in total loan funding, with the majority serving our communities throughout Northwest Ohio and Southeast Michigan.
Though this has been a challenging few months for us all, it has brought out the best in our employees and our ability to do whatever necessary to provide first class service to our customers and prospects. As we continue to move forward, we are appreciative of the opportunity to participate in the PPP process and we remain committed to helping our neighbors and economy navigate their way back to a sense of normalcy.
About the Author
Jeremy Zeisloft is a Vice President of Commercial Lending at Waterford Bank, N.A. in Toledo, Ohio. Jeremy works closely with commercial clients in providing custom bank solutions. In addition to his work at Waterford Bank, Jeremy currently serves as the Board Chair of Jr. Achievement of Northwestern Ohio as well as serving on the Toledo Zoo Board of Directors and Toledo Zoo Development Committee. Jeremy also serves as a member of the Joint Committee for Capacity Building and Strategic Alliance through the Toledo Community Foundation.
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