David Demelia

The special challenges posed by the CVD-19 epidemic have particularly affected small businesses, resulting in growing debt, heartbreaking dismissals and, in some cases, business closures. Despite successful vaccinations, Delta differences and threats to other variables continue to be a concern, leading to widespread doubts about the end of the epidemic.

According to a recent study by Goldman Sachs, 75 percent of small business owners are concerned about the impact of the increase in CV-19 infections on their businesses, with only 31% saying they are “very confident.” Enough capital to float if necessary.

The unpredictability of the epidemic has made it difficult for small businesses to adapt. According to the Federal Reserve’s Small Business Credit Survey, 95% of small businesses across the country are affected by exchange restrictions, which means temporarily shutting down, reducing operations or closing them completely.

After a year and a half, many businesses are still working on their recovery. Many have relied on community banks as a source of guidance and financial support to assess the scale of the epidemic.

Here are some ways in which community banks continue to provide lifestyles for small businesses.

Community Relations

It’s hard to get the right feeling for big financial institutions, here we are: together. The power of being a “neighbor” is at the heart of what local banks aim to do – to ensure that not only growing entrepreneurs, long-term business owners and the wider community are growing, but also thriving.

Community banks can provide personalized customer services tailored to your business needs. This includes helping small business owners benefit from banking and government support programs to prevent the epidemic. Support can come in the form of voluntary bank staff and financial support. Together, these efforts can be very helpful in helping the entire community.

Adaptation to Financial Transitions

Banks do more than just listen and give. It’s about coaching and counseling – especially when new and different challenges arise.

A major challenge for small businesses is to reduce the risk of bankruptcy, as they did before the outbreak. Learning how to use digital channels to meet their banking needs is not always easy, but local banks are committed to helping customers through this transition, with many offering useful webinars, from PPP loan forgiveness to financial planning and everything in between.

Benefits of Government Program

As the epidemic spread, many banks provided support through small business management (SBA), including paycheck protection loans and payment delays. Tompkins Mahopak Bank, for example, offered two rounds of PPPs to businesses in the Netherlands, Putnam and Westchester County, with 1,425 microfinance loans and 14,631 jobs secured in the region – an example of many part-time part-time banks. To help small businesses.

We live in difficult and uncertain times, but community banks are here to trust you. No matter what the challenges are for your small business – or for you as a community member – local banks are ready and willing to discuss, advise and plan a game. In a world that seems to be changing every minute, local banks are a community partner dedicated to both the financial and general health of the communities they serve.

David Demelia, a lifelong resident of Westchester County, is president. Tompkins Mahopac Bank (www.mahopacbank.com), a 92-year-old community bank with headquarters in Brewster, New York, and the Netherlands, Putnam and Westchester counties. It can be accessed 845-278-1011.