Business
WSFS Bank Donates $200,000 to Local Organizations to Accelerate Small Business Recovery Efforts
Five thousand businesses received approval for nearly $1 billion in funding through the Paycheck Protection Program through WSFS; businesses employ about
About this update from Wsfs Financial Corporation
[{"type":"text","content":"Five thousand businesses received approval for nearly $1 billion in funding through the Paycheck Protection Program through WSFS; businesses employ about 100,000 people.\nWILMINGTON, Del., June 24, 2020 (GLOBE NEWSWIRE) -- Today, WSFS Bank announced a $200,000 donation to four organizations, providing relief grants to help local small businesses within the Bank’s footprint impacted by the pandemic.\n In addition, WSFS dedicated more than 200 Associates to work on Paycheck Protection Program applications and received approvals for more than 5,000 loans worth nearly $1 billion. These businesses employ about 100,000 people in the region. As the pandemic continues to take an unprecedented toll on businesses in the region, many small businesses are struggling to maintain the funding needed to stay in operation. The relief grants will be administered in collaboration with the following local community development financial institutions (CDFIs): Chester County Chamber of Business & Industry/Chester County Community & Economic Development Corporation (Chester County, Pa.)Cooperative Business Assistance Corporation (Burlington and Camden Counties, NJ)Entrepreneur Works Fund (Bucks, Delaware, Montgomery and Philadelphia Counties, Pa.)True Access Capital (Delaware). “We are committed to standing up for small businesses,” said Patrick Ward, WSFS Bank Pennsylvania Market President. “Small businesses are the backbone of America and often provide support to local communities. Now is our chance to lend a helping hand to them.” To qualify for the relief grants, businesses must have annual revenue under $500,000; 50 or fewer employees; be open two or more years; preferably be located in a low or moderate-income (LMI) census tract; independently owned and operated; have experienced negative impact from COVID-19; plan to reopen post-COVID-19 and able to continue operating for the foreseeable future. Grant funds must be used for working capital, purchasing machinery/equipment, improvements/alterations due to COVID-19 and inventory. Grants will be reviewed, recommended and administered by the CDFIs. Those seeking a grant should reach out to one of the four partnering CDFIs in their area. “The Chester County Chamber is proud to partner with WSFS in awarding these grants,” said Guy Ciarrocchi, Esq., President & CEO of the Chester County Chamber of Busi...