I have been doing video interviews with a number of C level execs, VCs and practitioners about acrobatics they have been seeing in various vertical sectors during the COVID-19 crisis and the "New normal" they can expect as the economy wakes up. See the full list here.
This time it is Jack Barrett, President and CEO of First Citrus Bank, a community bank based in the Tampa Bay, FL area. It is an example of "Fortune favors the Agile". During the recent crisis, their hustle allowed to grow 25% and as importantly earned immense gratitude from their local, small business customers.
As part of the CARES stimulus package the US government approved a Payroll Protection Program (PPP) for small businesses. Jack describes the heroics as his bank processed more loan applications in a little over a month than they do over years. They did so while the PPP guidelines kept changing on an hourly basis. They did so in an atmosphere of existential fear in small business. The Small Business Administration (SBA) ETRANS system to approve the loans was also overwhelmed - in total it has approved nearly 4 million loan applications as part of the program.
His staff worked nonstop to get 1,180 loans approved for local businesses. Many other community banks did similar for their regions. In contrast, many of the larger, national banks fumbled the opportunity. He shares the outpouring of gratitude he has seen from his customers as a result.
He also shares what he is seeing in economic recovery in the area. Good reason to be optimistic as other states follow Florida in re-opening.
A definite feel good conversation.
