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Home Bank News Customers Bank Introduces ReStart America Biz Checking Account

Customers Bank Introduces ReStart America Biz Checking Account

WEST READING, Pa.–()–Customers Bank, a top-5 nationally ranked PPP lender that participated in more than 100,000 SBA-approved PPP loans during the first rounds of the federal stimulus providing an aggregate value of more than $5 billion to small businesses, announced its newest financial account designed specifically to help businesses through this next phase of recovery. The ReStart America Biz Checking account provides a 1.00% APY* for 28 weeks.

For nearly a year, the pandemic has created many challenges, especially for small business owners who had to take swift action and make tough decisions to protect the health of their employees and businesses. Knowing that small businesses are still struggling, the bank made the deliberate decision that to assist a larger number of small businesses, it would go beyond participating in Second Draw PPP loans, as other lenders struggled to overcome PPP fatigue while still assisting their customers.

In January, the bank created a white-label PPP solution to empower other lenders to offer an online PPP loan application, funding and servicing solution to first-time and Second Draw borrowers. More than 300 banks and approximately two dozen chambers of commerce and other organizations are currently offering their members and small businesses in the surrounding communities access to PPP loans through the white-label program.

Customers Bank is furthering its support for small businesses by introducing the new business checking account that is especially helpful for companies with 20 or fewer employees and firms which have not been able to access a banking relationship with a traditional financial institution.

“We understand that regardless of whether you are a sole proprietor or managing a business with hundreds of employees, it’s crucial to have a long-term financial partner focused on your success,” stated Richard Ehst, President and Chief Executive Officer of Customers Bank. “That means having intelligent people capable of creating short and long-term strategies to meet your immediate recovery needs and support your future growth.”

As a leading super-community bank with a growing national footprint, Customers Bank created the ReStart America Biz Checking Account to support the second phase of the American economic recovery. The new account provides commercial customers with convenient access to the accounts and services they need to forge ahead.

“Many financial experts recommend establishing new accounts for First Draw and Second Draw PPP loans to aid in the forgiveness process, but not all business checking accounts are equal,” stated Sam Sidhu, Vice Chairman and Chief Operating Officer of Customers Bank. “We established the ReStart America account to enable small businesses to manage PPP funds and pay for eligible expenses while earning interest.”

Key product features of the ReStart America Biz Checking account include 1.00% APY for the 28-week PPP…

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