ENDICOTT, NY – M&T Bank says it helped nearly 2,000 businesses across the Southern Tier access a vital federal program key to their surviving the pandemic.
M and T says it assisted 18 hundred regional companies, including The North Brewery on Washington Avenue in Endicott, with securing 265 million dollars in Payroll Protection Program funding.
The North received a pair of forgivable loans, allowing it to retain key members of its staff.
Co-Owner and operator Zach Pedley says the craft brewery was keeping its head above water during the first months of the lockdown as loyal customers purchased beer to go.
However, as restaurants and bars were allowed to partially reopen, they competed with breweries and wineries over the limited customers willing to go out to eat and drink.
Pedley says last Fall he was on the verge of letting all his staff go.
“If the money’s not there, the money’s not there. You’re going to have to make the right business moves to keep the business going. We found out about the PPP program, M&T Bank helped us out, great people over there. We got awarded that and it helped keep our employees’ salary for that period it was rough and it helped us a lot,” says Pedley.
Pedley says The North is still not completely back to its pre-pandemic employment but that things are looking up.
Carl Speicher is Vice President for Business Banking at M&T.
He says the bank’s small business loan department swelled from 20 to 2,000 loan officers as they processed PPP around the clock.
“We were at a point where we were the first responders for the business community. We felt like we were really helping out and it really was exhilarating. It buoyed us through that time because it was a crazy time working crazy hours,” says Speicher.
Speicher says that while the PPP program has now ended, banks can still assist customers with securing Small Business Administration emergency loans.