Ambler Savings Issues $14 Million in PPP Loans
The Ambler Savings branch office on West Ridge Pike in Limerick PA
AMBLER PA – More than a hundred small businesses located in western Montgomery County and elsewhere in Southeastern Pennsylvania qualified in recent weeks for over $14.51 million dollars in forgivable loans issued by the Ambler Savings Bank, as part of the federal Payroll Protection Program created to ease economic problems during the coronavirus outbreak, the bank reported.
Business owners are using the loan funds, which under some circumstances may not need to be repaid, to keep people employed as they operate with restrictions imposed by state and federal regulations intended to help control spread of the virus.
Ambler Savings CEO and President Roger Zacharia called the initial April loan period “an extremely challenging time for everyone.” The federal Small Business Administration, charged with overseeing the program, “did not issue (its) guidance until six hours before” its April 3 launch. “Since then, we have been working around the clock approving applications, Zacharia said.
The mutually organized community bank, headquartered in Ambler, operates branch offices in Limerick, Bally, and Fairview Village. It also provides financial services to residents of several continuing care retirement facilities.
Photo from Ambler Savings Bank