To our Connecticut Business Community:
Chelsea Groton Bank has been a bastion of strength and support in Connecticut since before the Civil War. For more than 165 years we have been serving our customers and communities through famines, storms, pandemics, crashes, wars and more. This particular event is a healthcare issue with very serious economic implications. First and foremost, we send a heartfelt “thank you” to all of the incredible frontline workers in our community.
I couldn’t be more proud of the Chelsea Groton team for how they’ve mobilized to help thousands of customers and community members in their time of need. With rates as low as they are, we’re handling a record number of mortgage refinancing and new home purchases. As more folks have been furloughed and struggling to make loan payments, we’ve approved temporary deferments on existing loans, waived fees and our dedicated team has helped to secure low cost, forgivable Small Business Administration (SBA) loans for local businesses and non-profits, providing funding for more than 5,000 jobs in our region.
I’m proud to share that our Chelsea Groton Foundation has contributed more than $350,000 so far to emergency relief efforts and to support the ongoing work of many area non-profits. The Bank has also increased its efforts to offer financial education resources through our community education program, Chelsea University, and on social media sites. We invite members and non-members of the Bank to visit chelseagroton.com/ChelseaUniversity to access the complimentary E-Learning Center and to register for complimentary financial education and business webinars.
While this is certainly a time of much uncertainty for individuals and businesses in our community, we will come out of this together. We will continue to be supportive and responsive for however long it takes the community to recover from this. I wish good health and strength to all experiencing loss at this time. If there is anything Chelsea Groton can do to support you, please reach out to us.
B. Michael Rauh
President and CEO
Chelsea Groton Bank
