At the beginning of the COVID-19 pandemic, many restaurants were heavily affected, transitioning from take-out only to closing completely. According to a recent restaurant sales report from Womply, “Sales dropped to more than 50% below 2019’s figures during the week of March 16th, as more states began to restrict restaurants.”
Now that the lockdown restrictions are loosening up, the restaurant industry is adapting. With so many people staying home, delivery skyrocketed, many restaurants that had never offered takeout or delivery had to adjust to stay afloat. Now, with many states allowing for restaurants to reopen at half capacity and with outdoor seating, restaurants have changed their set up to accommodate these new guidelines. All of these adaptations and changes will likely have long lasting effects on the restaurant industry. In the future, after the pandemic has subsided, many restaurants will likely keep these outdoor seating and takeout/delivery accommodations, and new restaurants will likely consider implementing these features as well.
When it comes to the financial burden the restaurant industry has faced, Paycheck Protection Loans have certainly been a saving grace for many. Centrust Bank’s focus on the small business financing needs of their customers has proven extremely valuable during the COVID-19 pandemic. Their team of SBA Program Specialists understand the complexity of structuring an SBA plan, an enormous help to business owners experiencing financial challenges.
Centrust Bank SBA Programs
Centrust, a Chicago north shore community bank, has always focused on helping small to mid-sized businesses grow profitably and safely by ensuring that each client receives the specific financial help to be successful. Centrust Bank understands entrepreneurship because, like many of their clients, they are also entrepreneurs. Their experienced commercial banking professionals are dedicated to helping businesses, big and small, grow to their maximum potential.
“Centrust Bank has become a premier SBA vendor, one of the largest SBA partners for businesses in Illinois,” said Centrust Bank CEO, Jim McMahon.
About Centrust Bank
Founded in 2006, Centrust Bank has grown to become the leading Chicago area community banktps://centrustbank.com/ that focuses on helping small to mid-sized businesses grow safely and profitably. Centrust has established itself as a leader in, and excels at, offering SBA programs for small businesses.
To learn more, or to contact Centrust Bank, please visit their website: https://centrustbank.com
Centrust Bank is an Equal Housing Lender. Member FDIC.
Release ID: 88974721