JCB recently announced it has processed more than 290 loans totaling more than $27 million under the Small Business Administration’s Paycheck Protection Program.
That helps local small businesses support payroll and related costs, saving thousands of jobs locally, according to a news release from JCB.
The average loan size was approximately $94,000 as of May 22. In fact, 80% of the applications processed by JCB were for loans of less than $100,000.
The PPP, which was originally launched April 3 to address economic challenges caused by the COVID-19 pandemic, provides forgivable government-guaranteed loans for the nation’s small businesses, which account for roughly 48% of the U.S. workforce.
“As relationship bankers and dedicated members of this community, we are doing what we can to protect the vibrancy of our small businesses, which serve as the economic engines for our local economy,” said Marvin Veatch, president and chief executive officer of JCB. “I’m extremely proud of our team members who have worked tirelessly to process these loans and ensure that critical funds were able to get in the hands of those who needed them most.”
In addition to its PPP funding efforts, JCB continues to help customers and its communities during this time. JCB has recently made significant financial contributions to several community organizations that are dedicated to supporting families in need due to the COVID–19 pandemic.
As the pandemic continues, JCB will continue to evaluate how to assist those in need.
“Community banks stepped in to provide a helping hand to local small businesses, something that they do during both good times and challenging ones,” Independent Community Bankers of America President and CEO Rebeca Romero Rainey said.
“Providing more than half of the nation’s small business loans, community banks prioritize the needs of their local customers and communities and quickly adapt and respond during times of crisis,” she said. “By providing the lion’s share of PPP loans, community banks have served an essential role in helping small businesses survive amid COVID-19 while saving countless jobs across our nation.”
According to the SBA summary of loan approvals through May 16, lenders with less than $50 billion in assets accounted for nearly 65% of approved loans — totaling 4.3 million — and more than 62% of the approved dollar amount, estimated at $513 billion since launch of the PPP.
Nationwide, community banks have received an average of nearly 200 loan applications through the program ranging in size from less than $50,000 to more than $500,000, according to a recent ICBA survey.