Bethesda's EagleBank Loaned An Unprecedented Amount To Small Businesses In The Washington D.C. Area
EagleBank says it has never seen the volume and range of bank customers seeking small business relief — an unprecedented amount according to the company.
The Bethesda-based bank provided financial relief to those small businesses in need, based in the Washington, D.C. area, through the Paycheck Protection Program (PPP). The Federal Small Business Administration (SBA) pushed millions of dollars through local banks to disperse funds to small businesses struggling during the COVD-19 pandemic.
EagleBank dedicated 70 employees to its Small Business Administration Lending Group and is led by five banking veterans from the company. By May 10, the company already approved 1,330 applications totaling more than $491 million in PPP loans.
“Recognizing the emergent situation faced by so many of our clients, EagleBank pulled together as never before to provide the professional assistance and hands-on guidance for which we have always been known,” said Susan G. Riel, CEO and President of EagleBank.
Borzou K. Biabani is one of those clients that received help through EagleBank. Biabani heads several Bethesda-based companies including The Biabani Group and Express One Logistics.
“I want to thank everyone at EagleBank for all their efforts in assisting us in attaining the PPP funding...No amount of words can ease the burden to all those that have worked tirelessly at EagleBank in order to help clients like us attain the SBA funds that is unprecedented both by scale and velocity. On behalf of our hundreds of employees I would like to say a sincere thank you to the staff at EagleBank from a loyal client for life,” said Biabani.
EagleBank estimates over 41,000 jobs were saved in the Washington, D.C. area through the lending program.
The Montgomery County Bank is one of the top three largest local community banks in the Washington, D.C. area, based on deposits, and recently donated $100,000 to area hospitals and community organizations fighting COVID-19.