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THE FINANCIAL SERVICES AND REAL ESTATE WEEKLY FOR MASSACHUSETTS BY THE NUMBERS
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County close-up: Bristol Spotlight: Swansea
IN PERSON
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East Cambridge Savings Bank Chief Lending Officer Tim Bombard sees opportunity in the Main Street Lending Program where many other financial institutions don’t. One of the first local banks to announce it has joined, ECSB wants to give local businesses the option to access the program through a community bank, Bombard said.
WEEK OF MONDAY, JULY 13, 2020
BANKING & LENDING BY THE NUMBERS
COMMERCIAL INTERESTS
113,000 Around 113,000 Massachusetts firms took PPP loans. See Diane McLaughlin’s story on page 9. Source: Small Business Administration
GREAT DEPRESSION
2.0?
9 Nine Massachusetts institutions have joined the Main Street Lending Program. See Week on the Web on page 2. Source: Federal Reserve Bank of Boston
NOT SO FAST
2,500
Resilient Indicators, Competent Fed Offer Hope
2,500 real estate brokerages and offices received PPP loans. See page 10. Source: Small Business Administration
BY SCOTT VAN VOORHIS
6.55 percent
BANKER & TRADESMAN STAFF
I
t’s become all the rage right now to compare our current coronavirusdriven downturn to the Great Depression. Just take headlines like this from the Atlantic – “The Second Great Depression” – or this from the Seattle Times, “The Depression shattered and changed America – now history may rhyme.” “There are many ways this feels more like the Great Depression,” Kenneth Rogoff, a Harvard economist, told Bloomberg in May during what may – hopefully – turn out to have been the darkest days of the crisis. Closer to home, I’ve also at times hopped on the bandwagon as well, more than once comparing the size and scale of the current crisis to the granddaddy of them all, which will mark its 91st anniversary this fall. Now, who am I to contradict a Harvard paladin. But recent events – and a closer look at what actually happened during the Great Depression – provide some rays of hope in this otherwise almost unbearably gloomy picture.
Residential Mortgage Services Inc. holds 6.55 percent of the mortgage market in Bristol County. See By the Numbers on page 6. Source: The Warren Group’s Marketshare Module
10 months PPP loan recipients have 10 months to apply for forgiveness. See Diane McLaughlin’s story on page 9. Source: Small Business Administration
95 percent The Federal Reserve will buy a 95 percent interest in each Main Street Lending Program loan. See Week on the Web on page 2. Source: Federal Reserve Bank of Boston
84 percent 84 percent of PPP loans made in Massachusetts were for less than $150,000. See Diane McLaughlin’s story on page 9. Source: Small Business Administration
Jobs, Spending Still There
Key economic indicators, instead of continuing to crash through the floor as they did in late March and May, have proven to be remarkably resilient. Continued on Page 3 Continued on Page 3
3 St. Anne’s Credit Union employs the third-most prolific loan originator in Bristol County. See By the Numbers on page 6. Source: The Warren Group’s Loan Originator Module
Unless otherwise noted, all data is sourced from The Warren Group’s Mortgage Market Share Module, Loan Originator Module, Statistics Module and/or proprietary database. For more information please visit www.thewarrengroup.com/business/ datasolutions.
MISSING PIECES
MOVING PIECES
Transit, Retail Amenities Elevate Next Phase
Lenders Seek Automated Solutions to Deal with Onslaught
State Hospital to Smart Growth Model By Steve Adams | Banker & Tradesman Staff
Commercial Real Estate PAGE 7
PPP Loans Move to New Phase: Forgiveness By Diane McLaughlin | Banker & Tradesman Staff
Banking & Lending PAGE 9