CBIA BizCast: Mike LaBella, TD Bank, Talks About PPP Lending And Risk Mitigation |
CBIA BizCast host Ali Warshavsky chats with TD Bank’s Mike LaBella about how the bank has helped manufacturers get PPP loans over the past year.
LaBella will launch the Made in Connecticut: 2021 Manufacturing Summit on October 29 at the Trumbull Marriott.
LaBella said TD Bank helped secure 133,000 loans from Maine to Florida worth a total of $ 12.5 billion. In Connecticut, they’ve helped manufacturers secure more than 6,000 loans worth a total of $ 540 million.
LaBella said that although the pandemic and working conditions have improved since March 2020, manufacturers still face many challenges.
“We’re not out of the woods yet,” LaBella said. “We are facing an increasing number of problems that the pandemic has caused and this is really the effect on the supply chain, the increasing cyber fraud, we have a trade dispute with China, the evolution of oil prices and commodities, interest rate risks and political conflicts.
“So we are dealing with the manufacturers to mitigate the risk as we can.”
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