SPOTLIGHT
GEORGIA on my Mind…. How Community Banks Are Supporting Georgia’s $68 Billion Industry Whether looking for relaxation, a bit of exploration, or a change of pace, the Peach State delivers diverse experiences for any age and interest. Visitors can take in the scenic Blue Ridge Mountains, pan for gold in historic Dahlonega, and enjoy history and nature in Pine Mountain. Georgia’s vacation options range from relaxing on the beach off the Georgia coast, discovering the unique shops on Savannah’s River Street or taking the family to Summer Waves Water Park on Jekyll Island.
rebounded nicely since the pandemic started and continue to increase. Hotel occupancy rates have also increased to almost pre-pandemic levels.”
“Tourism numbers continue to increase, with numbers on Tybee reaching “pre-covid summer-like” numbers. Savannah is a reachable destination for road trips, which lends itself well for those visitors that want to get away by car,” explained Ken Farrell, President & CEO, First Chatham Bank, Savannah. “In addition, increased flights in and out of Savannah, including newly added routes, have helped with bringing visitors to our area. Tourism numbers have
“Due to the positive trends, we’re experiencing in domestic travel, both are thriving and are back to being fully operational. We have done the same for several short-term vacation rental operators who we had financed previously. Our posture has been to help all of our customers through by not only protecting their business, but also protecting the jobs those businesses create.”
“As far as things First Chatham Bank is doing to support tour tourism industry, I’ll share a couple of examples. Just prior to the pandemic, we provided financing for two wellA $68.96 billion industry for the established “Our posture has been to help all state, tourism drives significant restaurants new to the Savannah of our customers through by not business growth and increased market. Both had wonderfully only protecting their business, revenue for companies successful start-ups but in a few operating in Georgia. short months, they had to shut but also protecting the jobs those down due to COVID. We helped businesses create.” - Ken Farrell CBA asked bankers across the each of them through the state about tourism in their financial challenges by providing area, how their bank has been able to assist customers deferrals on their existing credits, modified the repayment in the hospitality industry, and how those companies are terms going forward and we extended some short-term finding creative ways to serve visitors considering the tight financing to support working capital. We also provided their labor market. PPP funding,” explained Mr. Farrell.
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