out to Tom Ennis, director of Asset-Based Lending at Atlantic Union Bank. Mark had said that Tom and Atlantic Union were very successful in administering the PPP Loan Program, especially for local businesses within their market and community. I reached out to Tom, whom I had worked with over the last two decades. Tom, as most people in the Maryland area are, was familiar with BISM and, in short order and with tremendous diligence, set the process in motion for BISM to apply for a PPP loan through Atlantic Union Bank. Even as the world continues to transition more and more to a digital and online platform, there is no question that there will always be a place in the world for customer service and building relationships. And Atlantic Union Bank is representative of that and continues to give us hope. Tom, his credit and service team and Atlantic Union Bank, along with BISM’s management, successfully navigated through the platform and BISM received its PPP loan. Tom and Atlantic Union Bank became a difference maker. Without them, COVID-19 potentially could have crippled a critically important and missiondriven, community-focused organization. According to Fredrick Puente, president of BISM: “The PPP allowed BISM to continue to employ our associates without any interruption of their lives. The PPP insured our customers received their goods and services on time and complete. Without the PPP, our supply chain may have been disrupted. We do not know what might have been if not for the PPP.”
companies receiving anywhere from $25,000 up to the $10 million maximum. A great number of these have involved SFNet member institutions. They have been supportive, diligent, creative and expeditious. Time is of the essence when the first call is received.
Compassion & empathy In the last six months, we have probably experienced more humility than we have in the last decade. Our professional lives are normally defined by increasing cash flow, multiples of EBITDA and reaching performance goals and targets. “Normal” has certainly been redefined. Compassion, empathy and selfawareness have taken on central roles. At the core, there have been very few who haven’t been directly or indirectly affected and impacted by the wide-ranging turbulence and trauma of COVID-19. Businesses that were successful in early February 2020 recoiled three months later, concerned about their existence, let alone their prosperity. Planning and thoroughness have reached new levels and one of the newest catch phrases is “the pivot to virtual.” Clearly, we are redlining adaptability through all our quadrants.
At its core, the PPP loan was designed for situations similar to BISM’s, where smaller entities, “relatively speaking” companies and organizations were affected by the pandemic through no fault of their own. Planning is so critical, but life’s success is far more than having a good plan.
At its core, the PPP loan was designed for situations similar to BISM’s, where smaller entities, “relatively speaking” companies and organizations were affected by the pandemic through no fault of their own. Planning is so critical, but life’s success is far more than having a good plan. Underlying the success is execution and adaptability. But if it weren’t for the support of financial intermediaries like Tom, Mark and Atlantic Union, who knows where struggling middle market entities might be? As I have been part of EisnerAmper’s PPP resource center, I have advised in countless other situations/examples assisting
Robert D. Katz, CTP, CPA, MBA is a managing director of EisnerAmper LLP’s Financial Advisory Services group and an expert in lender relations and increasing cash flow. He is one of the Founders of TMA’s most successful conferences, The Distressed Investing Conference. Rob is a Member of CFA’s Education Foundation. He is an adjunct professor in strategic management and corporate finance at Temple University. He can be reached at Robert.Katz@ eisneramper.com or (215) 881-8828 for additional insight. Andrew J. Katz is a contributor. He graduated Summa Cum Laude from the University of Maryland with degrees in finance and English. He can be reached at Andrewjkatz@outlook.com.
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