Financial institutions important to economic recovery, Banking and Securities official says

Acting Secretary of Banking and Securities Richard Vague highlighted the importance of financial institutions in supporting business, workers and communities in the wake of Pennsylvania’s recovery from the COVID-19 pandemic.

“Financial institutions continue to support economic development efforts through lending activities with a focus on serving and strengthening communities,” Vague said. “Increases in deposit growth and positive trends in the percentage of loans in deferred status are evidence of the public’s reliance on and confidence in its Pennsylvania banks.”

Both federal and state support is available to help strengthen businesses, protect employees, and allow local governments and community partners to provide vital services that have suffered financial strain. Vague emphasized the availability of state financial aid, such as the COVID-19 Relief Statewide Small Business Assistance, the COVID-19 Dairy Indemnity Program, and the Community Development Block Grant.

“Secretary Davin and the Department of Community and Economic Development staff have worked tirelessly to provide funding opportunities and resources to businesses and communities,” he noted.

Vague made his statement as the morning keynote speaker for the 4^th Annual Anthracite Economic Summit. This year’s virtual summit was co-hosted by the Greater Susquehanna Valley Chamber of Commerce (GSVCC), the Campus Compact of New York and Pennsylvania, and Bucknell and Bloomsburg universities. These community and business partners focus on the revitalization of the anthracite coal region in the northeastern part of the state.