Bank of Botetourt helping small business navigate new financial program

Bank of Botetourt Continues Working with Small Businesses

During this time of physical distancing, Bank of Botetourt continues to serve the needs of its customers and communities. Everyone is encouraged to reach out to the Bank if they have questions regarding their account or finances. Bank of Botetourt is a community bank that has been in business for more than 120 years and prides itself in our personal relationships with our customers throughout four counties and cities. It is these relationships that are helping the Bank’s small business customers overcome these unprecedented challenges of forced closures and subsequent loss of revenue. The Bank has added additional phone lines and support staff to its Customer Care Center to accommodate the increase in call volume.  

The recently passed Coronavirus Aid, Relief, and Economic Security (CARES) Act included the Paycheck Protection Program (PPP). The intent of the PPP is to help small businesses impacted by COVID-19 by providing vital cash-flow assistance through 100% federally guaranteed loans. If the small business borrower maintains its payroll, the portion of the loan used for certain covered expenses including payroll, interest on mortgage obligations, rent and utilities may be forgiven.

Bank of Botetourt, along with many other community banks, experienced initial delays in submitting applications due to the extreme volume of submissions to the Small Business Administration (SBA) website portal, which went live on April 3, 2020. The Bank and its lending team carefully navigated through these challenges and has been actively submitting PPP applications through the SBA portal. Presently, our Bank has received a high volume of applications from our small business customers, and our Bank’s Loan Services Center continues to process these applications. We anticipate quickly working through the applications we have and continue to receive.

Bank President and CEO, G. Lyn Hayth, III stated, “we are continuing to monitor the situation as it develops, and any decisions we make moving forward will have the best interest of our employees, customers and communities at heart. In addition, our planning and investments in technology over the past several years have prepared us for scenarios like this, and we encourage customers to take advantage of our online services. Throughout this process, we have been continuously refining and implementing new procedures and we have instructed anyone who is not feeling well to stay home and to self-monitor their symptoms. The precautions we have instituted are guided by CDC and VDH recommendations. Our entire team is ready and standing by to support you. You rely on us every day for your financial needs, and we will continue to provide reliable access to the important services you count on. Thank you for your patience and trust as we work through this together.”

To learn more about Bank of Botetourt’s PPP please visit https://www.bankofbotetourt.com/CustomContent.aspx?Name=Paycheck%20Protection%20Program

To find a Bank of Botetourt office, visithttps://www.bankofbotetourt.com/locations-and-hours.aspx.

–submitted by Mary Ann Miller VP Bank of Botetourt business and community relations