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Category: Loan Forgiveness

Spotlight on First Federal Lakewood

Spotlight on First Federal Lakewood

Posted By Brandy King
September 07, 2022 Category: Business Banking, Acquisition Capital, Line Of Credit, Ppp Loan, Loan Forgiveness, Interest Rates, Commercial Banking

In Spooner’s nearly 50 years in business, many of our new customers have come to us via word of mouth. We deliver the level of service that we promise, and our clients have been quick to recommend us at any opportunity. When we partner with an organization that shares our values of helping Ohio businesses and investing back into their communities, we want to tell our clients about them, too! The Spooner family of companies has grown exponentially over the last few years, and our banking team at First Federal Lakewood has been behind us every step of the way. First Federal Lakewood has been serving Ohio communities for 87 years, with 20 branch locations throughout Ohio. We talked with two of their business banking specialists, Mitch Duale and Scott Gnau, about common issues that businesses face with commercial banking, and they provided some insight on how businesses can stay ahead of the game. PPP Assistance – First Federal Lakewood processed $105.5 million in PPP loans that helped retain over 12,000 jobs in Ohio communities. Since the PPP program was unprecedented, many business owners needed help navigating those uncharted waters for the stop-gap funding they desperately needed. Most of First Federal Lakewood’s PPP loans were granted to smaller business, with 93% in amounts under $250,000. Lack of Communication – Communication is key when choosing a banking partner. When your banking partner reaches out and visits you frequently, this helps t

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