GREENWICH, Conn., May 06, 2020 (GLOBE NEWSWIRE) -- Fieldpoint Private, the fast-growing wealth advisory and private banking boutique serving families and institutions, announced it has succeeded in securing 55 client loans through the U.S. Treasury Department’s Paycheck Protection Program (PPP). These loans will protect the paychecks of 1,348 employees, providing needed relief to their families.
The federal Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed on March 27, established the PPP to provide forgivable loans to small businesses to support payroll and certain other expenses. The law directed that the program be administered through the U.S. Small Business Administration’s (SBA) guaranteed loan program.
When the PPP launched, Fieldpoint Private had never provided an SBA loan. “SBA borrowing was extremely rare among our clientele, so we were not a participant on the platform. We were operating from a standing start,” said Timothy Tully, Fieldpoint’s Chairman, President and CEO.
In late March, as the economic threat presented by the coronavirus prompted lawmakers to act, Fieldpoint Private quickly completed the SBA’s application process and was approved. However, when the SBA’s PPP loan portal opened on April 3, technology issues with the system prevented many of the banks that had been recently approved as SBA lenders, including Fieldpoint, from gaining access. Funding was exhausted before the issues were resolved.
Immediately, while speculation grew about a second round of PPP funding, Fieldpoint’s team – working remotely due to the pandemic – moved to implement new technology that would facilitate immediate access to the SBA portal in the event it reopened, and would help ensure data-perfect applications.
“Our team understood clearly what was at stake for our clients and their employees,” said Stephen Scott, Fieldpoint’s Director of Bank Operations. “I’m not sure Herculean is even adequate to describe the effort.”
Russell Holland, Fieldpoint’s Chief Banking Officer, added, “Our people worked overnight and through the weekends to help ensure that when the portal reopened, our clients would be in the best possible position to get the funding they and their employees need.”
“This is an example of what Fieldpoint Private is about,” Mr. Tully said. “Putting the client first sometimes means doing the hard things, in trying times, and doing them quickly. I could not be more proud of what this team has accomplished.”
About Fieldpoint Private
Headquartered in Greenwich, Connecticut, Fieldpoint Private (www.fieldpointprivate.com) is a boutique financial firm providing the highest degree of personalized, confidential wealth planning and private banking services. Catering to highly successful individuals, families, businesses and institutions, Fieldpoint Private offers a powerful combination of wealth management and strategy, family office, private banking and business banking services addressing every financial need for each of our clients including: wealth transfer advice, tax planning, aggregation and performance reporting, risk management, goals-based investing strategies, sophisticated investment selection, discreet and personalized banking, highly customized credit solutions, custom custody and trust solutions, highly attentive/responsive service and concierge services.
Fieldpoint Private was established in 2008 by 31 Founders with a specific vision and purpose. These extraordinary leaders of industry and community recognized the opportunity to create a financial firm totally attuned to people’s individual circumstances. Our firm is built on a philosophy of exclusive membership and client-centricity. Working with a limited number of relationships gives every person the experience of belonging to an extremely selective group. The result is a new breed of institution established on the basis of personalization, responsiveness, and exclusivity, and an ensured commitment to impeccable service and consistently flawless execution. Our service approach offers a unique client experience custom crafted to each client’s financial needs.
Banking Services: Fieldpoint Private Bank & Trust
Registered Investment Advisors: Fieldpoint Private Securities, LLC, is a SEC Registered Investment Advisor and Broker Dealer. Member FINRA, SIPC.