Photo | Nathan Fiske
Ed Manzi
April 17, 2020
Fidelity Bank doing tenfold business in April
Photo | Grant Welker
Fidelity Bank's branch on Worcester's Front Street
By Grant Welker
It has not been a normal month for Fidelity Bank. Like practically every bank anywhere, the Leominster bank has rushed to help small businesses apply for federal pandemic aid, while also working with homeowners looking to refinance with incredibly low interest rates.
Just over halfway through the month, Fidelity is set to close on $50 million to $60 million in loans, CEO and Chairman Ed Manzi said Friday, a rate that blows away what the bank — with less than $1.2 billion and 14 branches — typically processes.
"That's like 10X," Manzi said.
More than $40 million at Fidelity has been earmarked for Paycheck Protection Program recipients, which number nearly 400. Fidelity closed on its first PPP loan on April 10, a week after the program opened.
Other area community banks have reported major numbers in loan applications.
Marlborough-based Main Street Bank said it helped 271 small businesses process loan applications through April 10, for a total of $46.6 million. The bank said it estimates those loans have supported nearly 1,000 local jobs. Rollstone Bank & Trust of Fitchburg said it processed more than 200 applications for approval totaling $32 million through Wednesday.
Banks, for now, don't have more PPP loans to process, however. The $349-billion program for small businesses has burned through its available funds and until Congress approves more money, small businesses not approved for loans are, for the time being, out of luck.
"We're hopeful Congress will appropriate more to this important loan program," Manzi said. "We can't promise it. We can't guarantee it. We don't know. But Congress seems committed to doing it."
Fidelity employees have been working overtime to process small business aid applications.
"Working day, night, weekends, under high-pressure situations because they're inspired to help these local businesses," Manzi said.
Manzi is hopeful PPP funding can reopen quickly if and when Congress gives more funds.
"The template has already been built, we've already built the tools. They just have to put in the money now," he said. "If and when they say go, we're going to go."
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