A mad scramble for money marked the April 2020 start of a $349 billion federal COVID-relief loan program that ran dry within two weeks. Afraid it wouldn’t even last that long, business owners deluged bankers with pleas for rapid issuance of the lifesaving loans.
“The biggest concern we all had was that the money would run out that first weekend,” says Aaron Anker, an owner and self-proclaimed chief granola officer at Grandy Oats, a Hiram-based maker of organic granola, trail mixes, roasted nuts and cereal that employs more than 30. “When the first round came out, I was on the phone with my banker until all hours.”
Central Maine business briefs: Colby College names new dean of admissions
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Skowhegan s Community Refrigerator is a Hit
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Two central Maine banks completed their merger over the weekend to form an institution with 171 employees and combined assets of $1.317 billion.
Andrew Silsby, president of Augusta-based Kennebec Savings Bank, said everything was fantastic in regard to the merger with his bank s smaller regional peer, Kennebec Federal Savings and Loan Association. The merger closed at 5:01 p.m. on Friday. We had teams of people that began the computer conversion later on Friday night, which went into Saturday, then teams of people doing data validation on Saturday, well into the night, Silsby told Mainebiz. Everything went just as we had planned and even ahead of schedule, so much so that we were able to turn on all the systems for all the former [Kennebec Federal Savings] customers on Sunday morning instead of on Monday.