Community banks benefit from willingness to approve PPP loans for small business owners
In South Florida as well as around the nation, small business owners applying for the Paycheck Protection Program often struck out with big lenders — even when they had been loyal customers. They had better luck with smaller, community banks that were less deluged with applications and nimbler.
According to the Small Business Administration, about 52% of the loans and 44% of the PPP program dollars were approved by local community banks and specialty lenders. That’s huge considering that banks with less than $10 billion of assets account for just 14% of the industry total of deposits, according to the Federal Deposit Insurance Corp.
“With closer proximity to the market place, stronger ties to the community and individual business owners, small community banks were better able to accommodate the volume of local small business PPP applications,” said Clifton Vaughn, business consultant with the Florida Small Business Development Center at Indian River State College. “The small institutions were surprisingly effective and efficient in acquiring PPP dollars for our region’s small businesses.”
In pre-COVID-19 times, the pain of changing banks... read more >>
Paychecks for Patriots
November 12 9 a.m. - 1 p.m.
Primary Care of the Treasure Coast to join Cleveland Clinic Indian River Hospital
Physician practice will be part of Cleveland Clinic Florida region
VERO BEACH — Primary Care of the Treasure Coast and Cleveland Clinic Indian River Hospital announced today that the physician practice has agreed to join the Cleveland Clinic Florida region.
Primary Care of the Treasure Coast (PCTC) has provided care in Indian River County for more than 20 years. Today, it is one of the largest physician practices in Indian River County, with 12 physicians and advanced practice providers. The practice has offices in Vero Beach and Sebastian to serve Indian River County.
“Primary Care of the Treasure Coast and Cleveland Clinic have a shared culture of putting patients at the center of everything we do,” said Greg Rosencrance, MD, President of Cleveland Clinic Indian River Hospital. “Working together, we can strengthen and improve access to care for the communities we serve.”
“Cleveland Clinic in Florida is recognized for providing high-quality care, and we are excited to be a part of it,” said Guy Ulrich, MD, President of Primary Care of the Treasure Coast. “Our team combines the vision of excellent empathic care that marries the time-honored devotion to patients with emerging technology. Uniting with the outstanding caregivers and medical staff at Cleveland Clinic Indian River Hospital allows our patients to experience world-class care for all their healthcare needs.”
The agreement is expected to be completed later this year. Patients will continue to see their same physicians, and all current operations and services at PCTC will proceed as scheduled. PCTC caregivers will also be more fully integrated with Indian River Hospital and Cleveland Clinic Florida services, providing seamless care coordination.
PSL Veterans Day Events
Blue Star Highway Dedication Ceremony
Today, Nov. 11, 9 a.m. at the U.S. Submarine Veterans Park, 801 SE Atlantus Ave.
The St. Lucie West Garden Club, The Florida Federation of Garden Clubs, Inc. and the City of Port St. Lucie will designate a portion of Crosstown Parkway as a Blue Star Memorial Highway, which is a tribute to the men and women who serve in the armed forces. The ceremony will feature guest speakers, including Port St. Lucie Mayor Gregory J. Oravec and Bea Cooper, of the St. Lucie West Garden Club. The ceremony also will include a military tribute and the unveiling, dedication and acceptance of the Blue Star Marker.
2020 Virtual Veterans Day Service
Today, Nov. 11, 11 a.m.
The City of Port St. Lucie and our local veterans’ groups did not want COVID-19 to stop our observance of Veterans Day and honoring the military heroes who have served our country. This year's Veterans Day ceremony will take place online as a pre-recorded service organized by the City. Retired U.S. Air Force MSgt. Vince LaValle will join Port St. Lucie Mayor Gregory J. Oravec in welcoming viewers. The virtual event also will include performances of “God Bless America” as well as an armed forces medley by the Port St. Lucie Community Band, a rifle salute, the national anthem, resounding of taps and more from our 2019 event.
Local manufacturer expanding in Indian River county
Board of county commissioners approve tax abatement request
VERO BEACH — The Indian River County Chamber of Commerce Economic Development Office is pleased to announce that PCP Tactical LLC, a manufacturing firm located in Gifford, is expanding its current operations in Indian River County.
At a Special-Call meeting of the Indian River County Board of County Commissioners, the Commission voted unanimously to approve PCP’s request for an Ad Valorem Tax Exemption (aka Tax Abatement). PCP Tactical is a defense contractor founded in 2010, specializing in lightweight small-arms ammunition design and manufacturing. The company is planning to construct a 30,000sf facility in Gifford, doubling its current employment by adding 22 new jobs with wages that pay more than 115% of the county’s average annual wage, and estimates a capital investment of $4-million.
Based on the employment level, anticipated wages and the estimated capital investment, PCP is eligible for a tax abatement period of ten years. Beginning in 2023, when the completed facility is expected to be assessed at its increased taxable value, the company’s increased ad valorem taxes will be phased in incrementally over a ten-year period. After the ten years, the company will pay its full property tax bill. The abatement affects only ad valorem taxes — it has no effect on any special taxing districts, including schools and the hospital district. County staff estimates the company will pay nearly $288,000 to other taxing authorities during the ten-year phased-in period, while an estimated $181,000 of ad valorem taxes would be abated.
“This is exactly the kind of project the Tax Abatement program was meant for”, commented Commission Chair Susan Adams. Regarding the application request and bringing it forward, Commission Vice-Chair Peter O’Bryan added that “we all had our oars pulling in the same direction on this: the private sector, the Chamber of Commerce and local government all working together. This is an awesome statement for our entire community – a win-win-win for whole county.”
At the Chamber’s request, staff at FPL, an economic development partner, calculated the estimated economic impact of PCP’s planned expansion, using the ESMI model. Based on standard multipliers used for the manufacturing industry, the project could provide an increase of over $2.6 million in annual earnings, an additional increase of 42 jobs, and an estimated increase of $175,000 in taxes on production and imports (TPI) which includes state and local sales taxes.
The Chamber’s Economic Development Office worked closely with company executives and county staff to bring this application to the County Commission for consideration. “We are excited to see one of our existing manufacturers expand locally,” notes Helene Caseltine, the Chamber’s Economic Development Director. “This fits in perfectly with the business retention/expansion component of our overall economic diversification strategy.”
For more information on locating or expanding a business in Indian River County, call Helene Caseltine at the Indian River County Chamber of Commerce, 772-567-3491 or visit www.indianrivered.com.
Remember Treasure Coast nonprofits
If you are in a position, consider a gift to a Treasure Coast nonprofit affected by the coronavirus pandemic. Find the needs of many area nonprofits and how to give at treasurecoastnonprofits.com
As a service to readers and restaurants on the Treasure Coast, Indian River Magazine Inc. has created a website directory of restaurants, bars, breweries and wineries in St. Lucie, Indian River and Martin counties. The site includes hours of operation, if carryout/delivery is available, as well as popular dishes. See the site at treasurecoastrestaurants.com
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• In Vero Beach and Port St. Lucie contact Lisa Crawford at [email protected] or 516.721.0848.
• In Stuart, Palm City, Jensen Beach and Hobe Sound contact Marsha Lange at [email protected]