For First Resource Bank, it’s all about relationships. And those relationships are undoubtedly playing a starring role in the survival stories of several small businesses.
Zach Hoffman – the owner and operator of Bistro on Bridge, the popular restaurant and craft beer, whiskey, wine, and spirit bar in Phoenixville – credits the bank’s guidance for helping lead him through the pandemic.
“When the coronavirus hit, we went from a full dining room (with) a bustling second floor to virtually no business whatsoever,” said Hoffman. “We had our rainy day (funds) in place, but that got wiped away within a week.”
His lender, First Resource Bank, immediately contacted him and had his Paycheck Protection Program (PPP) loan processed within a week. It was one of more than 400 PPP loans, worth approximately $58 million, that the bank – which has branches in Exton, West Chester, and Wayne – helped businesses secure. Ultimately, those loans helped to protect 5,200 local jobs.
As a result of receiving the loan, Bistro on Bridge was able to make its mortgage payments, take care of its utilities, and bring back nearly all of its staff (the equivalent of 50 full-time employees).
“It saved our restaurant,” said Hoffman.
“Bistro on Bridge is one of the many small businesses in our community that make it a great place to live and work,” said First Resource Bank CEO Glenn Marshall. “We were proud to play a role in helping them secure their PPP loan and to serve their banking needs.”
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