For the reason that begin of the pandemic, Magyar Financial institution, with funds from the federal Paycheck Safety Program (PPP) administered by the Small Enterprise Administration, has helped many native companies stay open.
“PPP was actually a godsend to a lot of our clients – and many who weren’t our clients,” John Fitzgerald, president and CEO of Magyar Financial institution, stated in a information launch. “We went full boar into it. We did a bit beneath 100 million in PPP loans.”
Fitzgerald estimates that 2,500 jobs in Central Jersey have been saved with the loans, principally in Middlesex and Somerset counties.
“There’s no actual solution to tally precisely what number of jobs have been saved, however conservatively, it’s 2,500,” he stated. “Our clients have been extraordinarily grateful, and plenty of of them instructed us that Magyar’s participation in PPP is the rationale they’re nonetheless in enterprise in the present day.“
One buyer, Ellery’s Grill in Middlesex Borough, went one step additional. To point out its appreciation to the financial institution, the restaurant took an advert on a billboard on the town to thank Magyar Financial institution.
“Magyar was happy to course of Ellery’s Grill’s PPP mortgage, amongst others we processed for native small companies and non-profits to assist them hold their doorways open and workers paid. The companies and organizations Magyar assisted have an amazing financial affect on the neighborhood, and our financial institution is delighted to have been capable of assist via this disaster,” Fitzgerald stated.
Fitzgerald additionally famous that for the reason that pandemic, “we’ve donated over $300,000 from varied sources to quite a few not-for-profit organizations in our neighborhood. That’s essential to us, too.”
These funds assist assist and enhance the lives of native residents by offering grants to packages supporting schooling, inexpensive housing, youth packages and well being and human companies.
“Except for donating cash, we additionally encourage our workers to volunteer at organizations similar to soup kitchens and Meals on Wheels. Over the last half of 2021, when people have been getting out once more, our workers logged in over 150 hours volunteering and it’s possible we’ll double that this yr,” he stated.