RURAL HOSPITALS, FARMS, RESTAURANTS AND MANUFACTURERS AMONG NBT'S 3,000 PPP BORROWERS

NORWICH, NY (May 11, 2020) – NBT Bank secured approval for approximately 3,000 loans and over $540 million in relief through the SBA’s Paycheck Protection Program (PPP), helping businesses and organizations in the communities served by NBT to retain more than 61,000 workers.

“The average amount of NBT’s PPP loans was $185,000, and each loan is supporting an average of 20 jobs. We are thankful our vigorous efforts are resulting in real relief for the small businesses and organizations that are the lifeblood of our communities,” said NBT Bank President and CEO John H. Watt, Jr.

A sampling of the types of entities supported by the PPP loans secured through NBT Bank include rural hospitals and nursing homes, human and family services organizations, farms and agricultural businesses, educational institutions, manufacturers, contractors and construction businesses, restaurants and many Main Street retailers.

“Hundreds of NBT Bankers came together to support this critical initiative that required an around the clock effort over multiple weeks,” said Watt. “Our team collaborated to leverage our lending, operational and technical resources and expertise to secure funding for all customers who completed eligible loan applications for funding through the program.” In less than one week at the outset of the program, NBT deployed a digital platform to enable customers to complete PPP loan documents online.

Watt concluded, “We are extremely proud of the action we have taken to fund PPP loans through the SBA under the CARES Act and the opportunity to join banks across the US in using our balance sheets and financial stability to deliver relief in these challenging and unprecedented times.”