RSI Bank aids local small businesses, disburses over $18.2 million in PPP Loans

RAHWAY, N.J., Sept. 22, 2020 /PRNewswire/ -- RSI Bank is proud to have successfully processed and submitted 100% of the qualified Paycheck Protection Program (PPP) loan applications that were received from local businesses and small business customers. As a community bank, RSI Bank works primarily with small businesses with operations in New Jersey.

Many banks reported processing slowdowns in early April related to the E-Tran system and RSI Bank was no exception. The Bank's commercial lending staff jumped into action. The team put in long days to assist borrowers during the two funding rounds, including many new small business customers. The staff provided personalized attention through the submission and funding processes, ensuring businesses received everything needed for success with their PPP loan application.

Victor Zeiser of Squeek Lights LLC in Middlesex, NJ, sums up his experience:

"The level of service I receive from RSI is better than I ever previously received from a bank. While it is normally nice to have easy to reach bankers who not only know my name but my dog's as well, the difference really showed during the COVID-19 crisis. While national banks were leaving small businesses out in the rain, prioritizing getting PPP loans for their larger corporate customers, the team at RSI made sure I was taken care of when I needed it most."

RSI Bank calculates over 2,300 local jobs were funded through applications underwritten by the Bank. The average loan funded was approximately $80,000. The largest loan financed was under $1,400,000 and smallest was under $1,000.  Most loans were made to businesses operating in Union County and Middlesex County, New Jersey. 

Visit RSI.bank/business-home to read statements from satisfied customers and to learn about RSI Bank's business banking services.

About RSI Bank 

RSI Bank is an important resource to the local community and has been since 1851. As New Jersey's oldest mutual savings bank, RSI Bank has endured and even thrived during some of our country's most challenging periods. Through it all, RSI Bank has maintained a well-earned reputation as a safe and trusted institution, offering deposit and mortgages at fair prices, and the technology needed for secure, convenient banking. RSI Bank customers have access to Mobile Banking, Online Banking, 55,000+ surcharge-free ATMs worldwide in the Allpoint® Network, and four local branches. Visit RSI.bank to learn more.

SOURCE RSI Bank