CBIA BizCast: TD Bank’s Mike LaBella Talks PPP Loans, Mitigating Risk
CBIA BizCast host Ali Warshavsky speaks with TD Bank’s Mike LaBella about the way the bank helped manufacturers secure PPP loans this past year.
LaBella will kick off the Made in Connecticut: 2021 Manufacturing Summit Oct. 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 helped manufacturers secure more than 6,000 loans worth a total of $540 million.
LaBella said although the pandemic and workplace conditions have improved since March of 2020, manufacturers still face an abundance of challenges.
“We aren’t out of the woods yet,” said LaBella. “We face an expanding number of issues the pandemic has caused and that’s really the effect on the supply chain, the increasing cyber fraud, we have trade conflict with China, changing oil and commodity prices, interest rate risks and political conflicts.
“So we are dealing with the manufacturers to alleviate the risks we can.”
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