Episode 16: Blue Foundry Bank CEO, James Nesci provides insights about the Paycheck Protection Program Phase 2
In the latest episode of GWP’s Constructing Brands podcast, James Nesci shares critical steps business owners must take to be prepared for the next phase of the Paycheck Protection Program (PPP) loans. James outlines the importance of working with a bank that is the right size for your business, creating a relationship with your bank and ensuring your application is not only complete but accurate. In addition to how businesses can prepare to apply for their loan, James also stresses the importance of allocating funds correctly and keeping diligent records after receiving your loan.
What You Will Learn
- How to prepare for Phase Two of the Paycheck Protection Program loan process
- The importance of selecting the right bank for you and having a point of contact
- Critical tips on how to complete your application
- Invaluable insights for managing your funds after your loan has been approved
Select the Right Bank for You and Make a Relationship
James explains why working with the right size bank and creating a relationship with your account manager is critical. Small business owners may not have a dedicated CFO, often navigating on their own. This important relationship, offering personalized, one-to-one attention is key and beneficial for your business. In this episode, James dives further into the importance of this valuable relationship.
Make Sure Your Application is Complete and Accurate
As the President & CEO and a Board Member of Blue Foundry Bank, James has first-hand experience from Phase One of the PPP loan process. James stresses the importance of a complete and accurate application. It could be the difference between receiving your loan or experiencing delays with your application. James explains more about this process and what businesses need to know to be prepared.
The process doesn’t end once your loan has been approved. James walks us through critical next steps business owners need to take once receiving their funds.
About James Nesci
James D. Nesci is President & CEO and a Board Member of Blue Foundry Bank, a position he has held since 2018. In addition, he is a Board Member of the New Jersey Bankers Association. During a distinguished career that spans more than 25 years, Jim has demonstrated considerable business acumen and executive-level financial expertise. Prior to his role at Blue Foundry Bank, he served as Head of National Sales for TD Bank. Before joining TD Bank, Jim served as Executive Vice President and Chief Wealth Management Officer of Provident Bank. Additionally, he was President of Beacon Trust, a wholly-owned subsidiary of Provident Bank. Prior to this, Jim was Chief Operating Officer with Wilmington Trust Company, National Wealth Management. Jim earned two separate MBAs from Columbia Business School and the London Business School, respectively, as well as a BBA in Finance from Hofstra University in New York. He lives in Morris County, New Jersey.
- SBA Guide to the CARES Act: sbc.senate.gov/public/index.cfm/guide-to-the-cares-act
- U.S. Department of Treasury: home.treasury.gov/policy-issues/cares