WSFS Bank Donates $200,000 to Local Organizations to Accelerate Small Business Recovery Efforts
WSFS Bank announced a $200,000 donation to four organizations, providing relief grants to help local small businesses within the Bank's footprint impacted by the pandemic.
In addition, WSFS dedicated more than 200 Associates to work on Paycheck Protection Program applications and received approvals for more than 5,000 loans worth nearly $1 billion. These businesses employ about 100,000 people in the region.
As
the pandemic continues to take an unprecedented toll on businesses in the
region, many small businesses are struggling to maintain the funding needed to
stay in operation. The relief grants will be administered in collaboration with
the following local community development financial institutions (CDFIs):
- Chester
County Chamber of Business & Industry/Chester County Community
& Economic Development Corporation (Chester County, Pa.)
- Cooperative
Business Assistance
Corporation (Burlington and Camden Counties, NJ)
- Entrepreneur
Works
Fund (Bucks, Delaware, Montgomery and Philadelphia Counties,
Pa.)
- True
Access Capital (Delaware).
“We are committed to standing up for small businesses,” said Patrick Ward, WSFS Bank Pennsylvania Market President. “Small businesses are the backbone of America and often provide support to local communities. Now is our chance to lend a helping hand to them.”
To
qualify for the relief grants, businesses must have annual revenue
under $500,000; 50 or fewer employees; be open two or more years;
preferably be located in a low or moderate-income (LMI) census tract;
independently owned and operated; have experienced negative impact from
COVID-19; plan to reopen post-COVID-19 and able to continue operating for the
foreseeable future. Grant funds must be used for working capital, purchasing
machinery/equipment, improvements/alterations due to COVID-19 and inventory.
Grants will be reviewed, recommended and administered by the CDFIs. Those
seeking a grant should reach out to one of the four partnering CDFIs in their
area.
“The Chester County Chamber is proud to partner with WSFS in awarding these grants,” said Guy Ciarrocchi, Esq., President & CEO of the Chester County Chamber of Business & Industry. “WSFS has time and time again shown a commitment to our community by supporting our nonprofits, schools and those working to get ahead. These much-needed grants help businesses and strengthen our community.”
“We are really appreciative of WSFS’ financial support during these tumultuous times,” said Vandell Hampton, Jr., President & CEO of True Access Capital. “This funding will play an important role in the recovery as Delaware reopens.”
The
WSFS Community Foundation also previously provided $300,000 in
grants to 21 local nonprofits engaged in the fight against COVID-19. In
addition, WSFS Bank recently made a $3 million contribution
to the WSFS Community Foundation to fund future donations throughout
its footprint.
For
more information about the steps WSFS has taken to keep our Associates and
Customers informed and safe, please visit wsfsbank.com.
About WSFS Financial Corporation
WSFS
Financial Corporation is a multi-billion-dollar financial services
company. Its primary subsidiary, WSFS Bank, is the oldest and largest
locally managed bank and trust company headquartered in Delaware and
the Greater Philadelphia region. As of March 31, 2020, WSFS
Financial Corporation had $12.3 billion in assets on its balance
sheet and $21.1 billion in assets under management and
administration. WSFS operates from 116 offices, 91 of which are banking
offices, located
in Pennsylvania (54), Delaware (44), New
Jersey (16), Virginia (1) and Nevada (1) and provides
comprehensive financial services including commercial banking, retail banking,
cash management and trust and wealth management. Other subsidiaries or
divisions include Arrow Land Transfer, Cash Connect®, Cypress Capital
Management, LLC, Christiana Trust of Delaware, NewLane Finance, Powdermill
Financial Solutions, West Capital Management, WSFS Institutional Services,
WSFS Mortgage, and WSFS Wealth Investments. Serving the greater Delaware
Valley since 1832, WSFS Bank is one of the ten oldest banks
in the United States continuously operating under the same name. For
more information, please visit www.wsfsbank.com.