The Small Business Administration (SBA) has taken swift action to offer support to small business owners who have been impacted by the economic implications of the novel Coronavirus (COVID-19). The SBA announced yesterday that it is working with state Governors and will provide up to $2 million in targeted, low-interest disaster recovery loans to companies severely affected by the Coronavirus.

In addition to disaster relief that is being offered by the government, Customers Bank is reaching out to small business clients to make them aware of the SBA’s emergency program, traditional SBA financing options, and other financial assistance options being offered by the bank, including lines of credit. The bank will continue to closely monitor developments related to COVID-19 and offer assistance to business clients, should they need it.

“We value the health and wellbeing of our clients and team members above all else and want to make sure the business community is aware of this important program,” stated Richard Ehst, President and CEO of Customers Bank. “We want businesses throughout the community to know we are available to help them navigate the complexities of the SBA loan process. We can also provide other financial solutions, including lines of credit, to help mitigate any issues caused by this situation.  We have committed to provide $200 million in new small business lending to qualifying companies.”