Banks That Are Accepting Ppp Loans - With small businesses struggling to maintain their cash flow during the COVID-19 pandemic, Bank of America, JPMorgan Chase and Wells Fargo are the leading lenders in the U.S. that have launched the largest number of Paycheck Protection (PPP) loans. Between the first week of April and the end of June 2020, the three banks launched more than 789, 600 PPP loans for a total of 4.8 million issued. Bank of America took the lead, with about 334,700 PPP loans at that time, or about 7% of the total. Although these banks stood out in terms of the number of PPP loans originated in the country, other lenders ranked first in different regions of the country.
Using data published by the Small Business Administration (SBA) in partnership with the Department of Finance, it identified the most popular PPP loans in each state. From there, we determined the states where the largest number of PPP loans came from a single lender, that is, where the most popular PPP provider accounted for the largest percentage of all loans. For more information on our market and how we combine all the data to create the final list, see the data and methods below.
Banks That Are Accepting Ppp Loans
Based on the number of loan originators, Central Pacific Bank is the largest PPP lender in Hawaii. Between the first week of April and the end of June, the Central Bank of the Pacific launched about 6,900 PPP loans for businesses. Of those, about 6,200 were for loans under $150,000, while about 700 of them were for loans of $150,000 or more. Overall, Central Pacific Bank originated over 28% of the PPP loan in Hawaii.
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About 26% of PPP loans in Montana come from Glacier Bank, headquartered in Kalispell, Montana. In particular, about 23, 100 PPP loans were given to local small businesses, Glacier Bank started about 6,000.
About 200 lenders in Rhode Island participate in the distribution of PPP loans. People's Bank was the largest provider of PPPs overall, although it only accepted applications from existing customers. The People's Bank launched more than 4,300 PPP loans between the first week of April and the end of June.
Like Rhode Island, about 200 lenders in Alaska participate in the Payment Protection Program. Among these lenders, Northrim Bank is the most popular. Northrim Bank approved and originated approximately 2,600 PPP loans, most of which were under $150,000. Specifically, about 81% of Northrim Bank's PPP loans were under $150,000, while the remaining 19% were $150,000 or more.
Although Zions Bank serves 10 states in the West and Southwest, it is headquartered in Utah. Accepting PPP loan applications for new and existing customers, Zions Bank has issued approximately 10,700 loans since the program started in April until the end of June. This equates to 21.06% of all PPP loans to small businesses in the state of Utah.
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Although there are approximately 1,200 PPP lenders in New York State, over 18% of all PPP loans in the state originate from JPMorgan Chase Bank. The bank initiated 49,400 loans for businesses under $150,000,000 and 9,300 for businesses of $150,000 or more.
About 18% of PPP loans made to businesses in the state of Delaware came from Wilmington Savings Bank, otherwise known as WSFS Bank. WSFS Bank launched about 2200 PPP loans between April and the end of June. Only about 12,500 came from around the state.
Of all 50 states, the largest number of PPP loans originate in California. Between the first week of April and the end of June 2020, California lenders originated more than 581,100 PPP loans to small businesses. In total, more than 90,200 loans came from Bank of America.
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Arvest Bank has locations in Arkansas, Kansas, Missouri and Oklahoma. More than 15% of PPP loans to Arkansas businesses are originated by Arvest Bank. About 91% of Arvest Bank's PPP loans were for amounts under $150,000.
The most popular PPP lender in New Jersey is TD Bank. In the first three months of the Paycheck Protection Program, TD Bank has made 19,700 loans under $150,000 to small businesses and about 2,800 PPP loans of less than $150,000 or more.
Data for this study comes from the SBA and Treasury Department. To find the most popular PPP lenders in each province, we first added up the number of PPP loans issued by each lender between April 3, 2020 and June 30, 2020 to find the lender with the largest number. From there, we ranked the states with the highest number of PPP loans from the same lender, based on this metric. To get these numbers, we divided the number of PPP loans from the most popular PPP lenders in the State by the number of PPP loans from public lenders.
Stephanie Horan, CEPF®Stephanie Horan is a news reporter for the. The Center for Education in Personal Finance (CEPF®), provides and analyzes research writing information on a variety of topics including credit, retirement and budgeting. Before arriving, he worked as an analyst at an asset management company. Stephanie graduated from Williams College with a degree in mathematics. Originally from Philadelphia, he has always been a Yankees fan and now lives in New York. ORLANDO, Fla., Apr 24, 2020 () -- “Over the past few weeks, our team has been working tirelessly. Wage Protection Program) to support the small business community. Working around the clock, our banks helped our clients and our clients from other financial institutions get 581 loans worth more than $124 million. Today, there are more ways to bank than ever before. I think our efforts will strengthen the unique and valuable role that community banking provides to the companies it serves. We are able to quickly connect and chat with customers. to make sure they get the individual support and solutions they need. "Lee Hanna, CEO of Cogent Bank.
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Based on the customer feedback we received early in the application process, we have worked diligently to ensure that customers receive regular communication about the status of their applicants. This communication has been a big difference in helping applicants to run their business in a stressful environment. This approach was well received by business owners and non-profit organizations who agreed to share their ideas.
Maryann Barry, Executive Director, Girl Scouts of Citrus Council expressed her deep appreciation for Cogent Bank's efforts to help her organization, one of the first non-profits in the region, obtain a PPP loan. "We are very grateful to the Cogent Bank team for their incredible efforts in informing us about the Payment Protection loan. From the beginning, their team went above and beyond other banks to inform us and process our requests even while I was still a customer," said Maryann. "It's the best thing I've seen in a commercial bank. Their strength is why we're going to partner with Cogent Bank."
Martha Klitzkie of the Reef Environmental Education Center said, "I am very impressed with Cogent Bank's level of service, communication, and follow-up. Thank you for helping our nonprofit through the challenges of COVID-19."
Liz Guerra, Realtor Member at the Toni Everett Company, said, "I wanted to let you know about the great experience I had with your Cogent Bank team for my PPP loan. They were helpful, quick, and efficient. I received my check for my new account yesterday, followed by email today saying my loan was approved!”
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This morning, Congressional leaders approved additional funding to support the business community. We encourage business owners to collect their PPP account documents and submit their applications as soon as possible.
Cogent Bank will continue to accept applications for PPP loans from consumers and non-consumers. Although we do our best to process applications as quickly as possible, there is no guarantee that we will be successful in obtaining a loan on your behalf. To submit a question about the Payment Protection Program, visit www.CogentBank.net
Cogent Bank is a state-approved, full-service commercial and business bank. Our mission is to help our clients achieve their financial goals through unique, innovative technology and financial solutions. Important | Who Benefits from PPP Loans Fintech Lenders? »
Editor's Note: Since this post was first published, the chart titled "Fintech Lenders Are Key Source of Security for Black Owners" has been updated.
Ppp Funds Exhausted
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