(ROCKWALL, TX – May 6, 2020) The SBA’s “CARES ACT” was supposed to be a lifeline for small businesses affected by COVID-19. Yet for many owners, it proved just the opposite. That’s where Lakeside Bank, the oldest and only locally-owned bank in Rockwall County, stepped in to do what some of the nation’s biggest banks wouldn’t.
“While we offer the same services as major institutions, we look at the market through a small bank lens. Every client receives the same level of personal attention,” says Lakeside President and CEO Paul Haney.
Which means that, unlike many of the big banks, there were no two-tier systems used in determining whose applications would be submitted first. All loans were given the same priority, regardless of the applicants’ assets or account size.
“Since opening the doors to my small children’s shop eight years ago, I fulfilled my business banking needs through a large national bank,” says Ailsa H. Ellis, owner of Layette children’s boutique in the Shops of Highland Park. “During the uncertainty of COVID 19 and applying for the Payroll Protection Program, I quickly learned that a big national bank was not the best fit for helping my small, local business. At Lakeside, I was able to speak with a banker directly, get my questions answered, and receive guidance on how to proceed.”
Dwell with Dignity, a nonprofit agency dedicated to creating homes for families struggling with homelessness, had a similar experience. “We’re so thankful to Lakeside Bank for their amazing assistance in helping us secure a loan. Paul and his team were incredibly professional and responsive. Because of them, we are able to keep our entire small staff employed and actively engaged in transforming the lives of mothers and children who have fought their way out of poverty,” says Executive Director Ashley Sharp.
Dallas Zoo President and CEO Gregg Hudson also benefitted from Lakeside’s on-point customer service. “As a non-profit that relies heavily on ticket sales and donations, having our gates closed for the last six weeks has had a significant impact on our bottom line. Lakeside Bank’s guidance and open communication throughout the process—and its ability to deliver on our behalf—was invaluable to us.”
A recent New York Times article documented the struggles of many smaller businesses during the first tranche of loan money: their applications ended up in a queue, behind those of larger, wealthier applicants. (According to Small Business Administration data, loans of more than $1 million made up just 4 percent of those approved, but comprised 45 percent of the dollars disbursed.)
Following an unsuccessful attempt to secure a loan from its own bank, Genesis Resources, an executive recruiting firm, turned to Lakeside for assistance. “I submitted my original application the very first morning. That experience was horrible,” says President and CEO Trey Hugley.
Instead of hearing from his own banking staff, someone in Arizona finally reached out the following Tuesday. “When the money ran out, I was told I was still ‘in processing’ and would be in the front of the line for the next round.”
That attempt, too, proved fruitless. A friend introduced Hugley to Lakeside Regional President Kevin Fowler. “He was incredibly knowledgeable of the PPP process and walked me through every step. Banks advertise about being friendly or people-oriented, but Kevin and his team truly showed that a small bank can make a huge impact in someone’s business and in their life.”
Rowlett restaurateur Kostas Lazanas, owner of Opa! A Greek Taverna, has also become an advocate of personalized banking. “The big banks turned their back on small mom-and-pops. I, like so many others, have mistakenly chosen convenience over relationships. Lakeside Bank is for small business.”
Two Rockwall entrepreneurs report similar successes. Both Josh Deaton, co-owner of Sideways restaurant, and chiropractor Jay Humphrey, owner of Rockwall Spine & Sports Medicine, received their PPP money within two days of applying.
“It has been impressive to watch our team at Lakeside directly impact local Texas businesses and non-profits,” says Haney. “Most business owners just need someone to talk to and provide guidance. We were happy to be that contact and offer solutions to help them weather this difficult time. Lakeside prides itself in having Big Bank thinking with Community Bank service.”
Submitted press release.
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