A bank that’s got your back
By WP Creative Group
For small businesses in the Greater Washington D.C. area, Sandy Spring Bank is the financial partner they need to grow their businesses and their lifeline in times of crisis.
Belinda Connor remembers tagging along with her father on trips to their community bank as a child. A self-employed barber, Connor’s father knew the importance of face-time with the people handling his business finances. “I remember [walking into the bank] and you’d get a lollipop. They knew you by name,” Connor recalled.
So naturally, when she launched her own small business in Annapolis, Md. in 2008 — Connor Support Services, a construction inspection and traffic data collection company — she turned to her local bank and financial services provider, Sandy Spring Bank. This time, instead of a lollipop, she walked away with a $10,000 line of credit.
“At Sandy Spring Bank, you’re not just a number. You are truly a name and a face,” Connor said. “It’s very important in a small town to be able to walk into a local bank and say, ‘I need a little line of credit. Can we talk?’”
She’s not alone in this sentiment. According to a 2020 PricewaterhouseCoopers survey of 469 small businesses across the United States, 61% of respondents said they’d switch banks for more personalized customer service. Sixty-four percent said they’d switch over a lack of transparency on trust or relationships.
Such relationships are even more critical during times of crisis. A 2020 report by the Federal Deposit Insurance Corporation (FDIC) found that community banks are a key source of support for local businesses. During the first round of the Paycheck Protection Program (PPP), banks with under $10 billion in assets issued nearly 60% of PPP loans nationwide.
“Especially during the pandemic or a recession or any tough time, having the right bank can be a crucial lifeline to you,” said Jeff Weidley, senior vice president for business banking and SBA at Sandy Spring Bank. “It’s really important to deal with a bank that’s invested in your local community, has local decision-making [capabilities] and has enough firepower to handle what you need.”
Helping small businesses weather the storm
Sandy Spring Bank is headquartered in Olney, Md. and has more than 60 locations throughout the D.C. area. Nearing $13 billion in assets, the company has more than $5 billion in wealth assets under management. It has operated in the DMV area for more than 150 years—but 2020 was perhaps one of its most significant in recent memory. Over the past 13 months, the bank helped thousands of small businesses file for PPP loans totaling over $1.1 billion.
Weidley recalled the chaotic weeks after the Small Business Administration (SBA) first rolled out the PPP. When the bank’s leaders saw firsthand the impact of pandemic-related closures on the local economy, they immediately sprung into action to help their clients and community.
“I remember talking with our leadership team and [asking], ‘What’s the appetite of the bank? What’s the scope of what we want to do here?,” Weidley said. “They said, ‘Clients need everything we can get to them. We’re just going to do the maximum that we can.’”
Michael Crim is another small business owner who entrusts Sandy Spring Bank with his company’s banking needs. His relationship with the bank began four or five years ago, shortly after he started CK Commercial Partners, a general contracting firm in Millersville, Md. Over the last year, Crim applied for both first- and second-draw PPP loans. His go-to contact at Sandy Spring Bank, vice president and SBA relationship manager Jessica Butler, worked around the clock to ensure i’s were dotted and t’s crossed.
“Jessica worked with us on weekends and nights, trying to understand the criteria and how to execute our documents in a meaningful way,” said Crim. “The time that she put in during nontraditional hours was another example of [Sandy Spring Bank] going above and beyond.”
Though it was a scramble at first, Weidley said that the bank’s efforts have been well worth it—the funds they helped clients secure enabled many to stay afloat during a tumultuous time. “We’ve gotten countless letters and emails and feedback from clients,” he said. “They’ll send us a card with their employees’ signatures on it that says, ‘Thank you for making sure we still have a job.’”
Relationships that transcend transactions
Of course, small business owners’ banking requirements extend beyond loans. Sandy Spring Bank is more than just a loan provider: It offers a full range of services—online checking and savings accounts, insurance products, various lines of credit, and others. To date, the bank serves around 25,000 companies across a wide spectrum of industries: dental and medical offices, veterinary clinics, legal firms, not-for-profit organizations, government and trade contractors, real estate developers, wholesalers and more.
Weidley, who previously worked at a much larger financial institution, said Sandy Spring Bank is an optimal size for small businesses—it’s not so big that customers become faceless account numbers, but it’s large enough to offer robust services.
“From our checking products that are geared toward being flexible around businesses in growth mode, to more sophisticated treasury management products, we’re able to help manage their cash-flow cycle, whether that’s speeding up receivables, managing payables, or handling the money movement in between,” Weidley said. Sandy Spring Bank also offers a comprehensive wealth management and trust group for interested clients.
For Connor Support Services, the bank has been an anchor since inception. On top of that initial line of credit, Sandy Spring Bank has helped Connor navigate spurts of rapid growth and complex payroll needs. “[They’ve been there] every time I’ve won more contracts, every time my payroll has gone up significantly and I don’t get paid for four to six months… There’s nothing that I’ve ever needed or would need that I cannot go to them for,” she said.
For its part, Sandy Spring Bank aims to provide quality customer service in a stereotypically monolithic industry; it’s all but impossible to get the same level of personal attention at a large corporate institution. And although client meetings temporarily transitioned online this past year, things will soon be getting back to normal. Weidley looks forward to once again visiting clients’ factories and touring their stores or restaurants to help them envision future possibilities.
For clients like Crim, this intimate dynamic is non-negotiable. One of CK Commercial Partners’ values is being “fanatically detail-oriented” and people-centric. Sandy Spring Bank was a natural fit to align with this ethos.
“[Jessica] finds the right place that connects the details. She essentially makes it happen with a one-stop shop. We’re never rerouted through a bunch of different people,” said Crim. “It just makes our lives easier.”
Connor echoed the sentiment that banking with Sandy Spring Bank is a convenience in the best of times and, in the worst, a lifeline. She said there’s comfort in knowing her bank is comprehensive enough to provide substantial services, but is also invested in her success: “A small bank is also a small business. We’re looking at each other in the same way.”
