Knowledge Center

WSFS Bank Salutes Small Businesses to Kick Off SBA’s 2021 National Small Business Week

running-a-business | Read Time: 3 minutes

By Eric Springer | Published: September 2021

image

The past year and a half has been a challenge for many small businesses, as the COVID-19 pandemic impacted their operations, forced some businesses to close during mandated shutdowns, and has even impacted recruiting and hiring qualified staff. PPP loans were a critical bridge for many small business owners, but the flagship SBA 7(a) program has been a key tool to economic recovery and growth.

Through it all, small business owners and operators throughout the Greater Philadelphia and Delaware region have persevered, and even thrived, to keep their businesses running and their workers employed.

“In speaking with our Customers over the past 18 months, the common thread my team and I see is the strength of small businesses to stand up and deliver for their customers and each other, every day,” says Candice Caruso, Senior Vice President, Director of Government Guaranteed Lending for WSFS Bank. “Small business owners and their employees have taken the Main Street mentality of banding together for their community a step further, relying on one another by combining and sharing resources during the hard times and continuing to support each other at every step of economic recovery.”

Caruso has also seen the impact SBA-backed loans have had on small businesses throughout 2021 as communities and economies have emerged from the height of the pandemic in 2020.

“I’m proud of the resiliency of our communities’ small businesses and their willingness to trust their bank, and in our case, the WSFS SBA Lending Team.” WSFS Bank has continued to lend under the 7(a) program to support small business owners with business acquisitions, commercial real estate purchases, debt refinance, equipment purchases and franchise ownership. “At the heart of our communities are the small business owners supporting their family and creating jobs.”

As a result of these efforts on everyone’s part, WSFS Bank ranks first in Delaware for SBA 7(a) loan dollars lent, and in eastern Pennsylvania and New Jersey WSFS ranked third in loan volume and second in loan dollars lent, which also earns the Bank national rankings for 7(a) loan volume and dollar amounts.

“These rankings are a testament to the hard work, dedication and relationships built with our Customers, and I am extremely proud of our team in meeting the needs of our small business community,” says Caruso.

“It is also a reminder of the fortitude and entrepreneurial spirit of small businesses throughout the Greater Philadelphia and Delaware region. While we celebrate them for 2021’s National Small Business Week, we continue to admire their perseverance and will to step up for their employees, customers and communities every day.”

As businesses continue to recover, owners and operators are encouraged to speak with their SBA-District office about new and expanded government programs such as changes to the SBA’s Economic Injury and Disaster Loan (EIDL) program. “The expanded EIDL program is open now through the end of 2021, so the time to act is now,” says Caruso.

Click here to learn more about the SBA’s National Small Business Week and virtual summit, September 13-15, 2021.




About the Author – Eric Springer
Eric Springer is Assistant Vice President, Integrated Communications Manager at WSFS Bank. He brings more than 15 years’ experience in corporate communications and marketing for banking, professional services and nonprofit organizations.

 

 

Tips for Using a Credit Card for Your Small Business

When it comes to credit for a small business, loans are typically the first options that come to mind. Small business loans are great options for infusing capital into a small business or to finance a property purchase, equipment or other operating needs.

Read More

How a Small Business Commercial Real Estate Loan Can Help Owners Plant Roots and Reinvest in Their Business

For many small business owners, finding the right location is only half the battle. From lease agreements and rising costs of rent to finding a new location when necessary, sifting through the options can be overwhelming and time consuming – and it takes you away from driving sales and revenue.

Read More

Approach Your Small Business’ Lending Options With an Eye On Cash Flow, Growth and Preparedness

When we emerge from the COVID-19 pandemic, many small business owners will have gone a full year or more trying to secure or continue loan programs designed to help them survive during incredibly stressful times and circumstances.

Read More

How a New Banking Partner Can Change the Trajectory of Your Business

Having been a business owner for 40 years, I know that making the decision to change vendors, after years of partnership, can be daunting. Now, apply that to switching a banking relationship, and the decision becomes harder. A proven track record and solid customer relationships are a driving factor in the success of our Pennsauken-based business, our best attribute has been the ability to adapt and tackle projects with a dedicated approach and attention to detail.

Read More

Building Your Empire: Driving Growth and Funding Your Franchise’s Future

For franchisees, getting their business off the ground is one of the, if not the greatest challenge of their careers. From meeting the franchisor’s scale and experience requirements to securing financing, the journey to becoming a franchisee is often a long and winding road.

Read More