Manufacturing businesses are the backbones of many strong Ohio communities. Staub Manufacturing Solutions in Dayton is just one example – and sibling-owners Steve Staub and Sandy Keplinger said Minster Bank is one reason that’s going to continue.
Read more about why they chose Minster Bank and what their Paycheck Protection Program (PPP) loan application experience was like.
Applying for a PPP Loan at Minster Bank
Keplinger said, “I started talking to Jerry Herbe the minute we heard about the loan.”
She said Herbe kept her abreast of the various changes the SBA was asking for, and by the Friday of that week, when it was time to apply, we were ready.
“Once we received the final requirements, Jerry had it within an hour and a half. By that next Tuesday, he let us know that everything was going to be fine,” said Keplinger. “It was a lifesaver to get that funding.”
But for other companies in the state and across the country, the process wasn’t so smooth. Staub listed multiple examples of businesses in Dayton who worked with larger banks and never received funding – which, in turn, meant mass layoffs.
“I don’t know how you recover from that,” Staub said.
He added, “I bet I received at least 20 communications from peers, both local and from out-of-state, asking about the process. It appears that those who dealt with a big bank had issues, and those of us who dealt with a small regional bank like Minster Bank applied and received the funding without any problems.”
An Experienced Partner Through Economic Downturns
Staub and Keplinger said they’ve worked with Minster Bank since 2008, during the Great Recession. Their experience with another, bigger bank, one they’d worked with since opening in 1997, pushed them to switch.
“They were the typical big bank – very impersonal, and honestly pretty arrogant,” Staub said. “They came in and tried to tell us how to run our business. They don’t know anything about our business. That didn’t sit well with us and we knew it was time to move on.”
The relationship worsened as the recession loomed.
“When things weren’t good in ‘08, they brought in the big boss from corporate and threatened to call in our loan because we weren’t profitable – there wasn’t a company in the whole country that was profitable in ‘08 and ‘09. They came in and acted like bullies – I think that’s the best way to describe them,” Staub said.
Since switching, the siblings said they haven’t looked back and have greatly enjoyed working with lender Jerry Herbe.
“I actually never knew a banking relationship could be so personal and mutually beneficial. To me, it was always just a bank. But with Minster Bank, they’re really more like a partner,” said Keplinger. “Jerry understands and goes out of his way to always help us.”
Thanks to Herbe and the rest of the Minster Bank team, Staub said he’s grateful his business can continue to run and provide the essential products the country needs.
“It’s neat to be a part of that, knowing that your company is essential and we’re providing things to the medical industry and others. It’s not something that we take lightly,” he said.
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