The current crisis has validated Piermont’s goal to serve small to medium-sized businesses with borrowing needs between $1 million and $10 million. “Because we have a very clean balance sheet, strong capital position and cash position, we are one of the few out there actively doing new lending. It’s been tremendously helpful to Piermont, as a new player, to build up assets,” said Wendy Cai-Lee, CEO of Piermont Bank.