“The influx of applications has been immense--we’ve seen more than two-years’ worth of business loan inquiry volume come flooding in within a matter of days--and the guidance from the federal government has been ambiguous and piecemeal. We took measures into our own hands and instated critical processes to ensure Beneficial State Bank was better positioned to handle the volume,” said Randell Leach, CEO of Beneficial State Bank. “Our teams have been working around the clock to set up an efficient process, and we are allocating additional resources to support our response to the community and provide access to these essential funds. We recognize the pressing need, and we want to help as many people as we can, as quickly and efficiently as possible.”
“At this point, we can’t guarantee any funding will be approved, or that funding won’t run out again,” he said. “What we want you to know is that we are going to try our best to get you, your business, and employees help.”
Beneficial State Bank has dedicated over 50% of its commercial and business banking staff and over 15% of its total workforce to deploying the system being used to process the applications and loans, and expects that number to grow. Other staff are helping clients with additional needs during the crisis, including deferring loan payments, waiving fees, and hosting virtual financial wellness workshops
