Unforgiven loan balances might be paid back over as much as five years at 1 per cent interest.
Bangor Savings Bank had been the programвЂ™s top lender in Maine, processing about 15 per cent of loans above $150,000 together with same proportion of smaller loans. The bank shifted resources and assigned 200 staff members to deliver the maximum number of loans to current and new clients as the program geared up in late March.
I think it would have been more difficult to bring in more people and cross-train and literally within a couple days be up and running,вЂќ said Kim Donnelly, director of business banking at Gorham Savings Bank in PortlandвЂњIf we werenвЂ™t a smaller bank. (suite…)