Rainbow Valley Design and Construction is all about making people’s dreams come true. As a residential design-build company, Rainbow Valley specializes in remodels and custom home construction. With a full year of projects ahead, the business was taken aback when COVID-19 hit in March.
“We typically employ about 45 people,” says Rainbow Valley General Manager Chip Radebaugh. “We have designers, project managers, office support people and a lot of crew carpenters out in the field.”
The Eugene company’s greatest concern was supporting its staff in the midst of the crisis. “When the PPP loans became available, we definitely jumped on that opportunity because we saw it as a way that we could keep funds funneling to our employees during this pandemic,” Chip says.
The team at Oregon Pacific Bank was ready to help. In this video, you’ll learn how important it was for Rainbow Valley to secure funds to pay employees during a temporary lull in business after Oregon’s statewide stay-at-home order went into effect.
“When coronavirus hit, we started seeing a lot of clients having difficulties or at least forecasting potential difficulties,” says Joe Carmichael at Oregon Pacific Bank. “Coronavirus, I think, has put a huge emphasis on knowing who your banker is—I also think it put an emphasis on bankers knowing their clients. A community bank is only successful when the businesses are successful, so we have been very proactive in figuring out how COVID-19 is impacting our clients.”
Securing the PPP loan meant that Rainbow Valley could bring its crew back right away, make payroll and even offer temporary bonuses during the crisis.
“The loan application process with Oregon Pacific was really streamlined,” Chips says. Banking with OPB has been a dream. It’s like no other banking relationship that I know of.”
In all, Oregon Pacific Bank loaned more than $123 million to 685 local businesses and nonprofit agencies during the initial round of the U.S. Paycheck Protection Program, processing 100% of its applications. Part of the CARES Act, these forgivable loans provide a direct incentive for businesses and nonprofits to keep workers employed during the crisis. During the first round of loans, our bank helped ensure that more than 14,000 local jobs were retained.