Business
Wintrust Financial Corporation Supports Nearly 7,000 Applications in Latest Round of the Paycheck Protection Program
Wins Seven Greenwich Excellence Awards for Middle Market and Small Business Banking ROSEMONT, Ill., March 03, 2021 (GLOBE NEWSWIRE) -- Wintrust Financial
About this update from Wintrust Financial Corporation
[{"type":"text","content":"Wins Seven Greenwich Excellence Awards for Middle Market and Small Business Banking ROSEMONT, Ill., March 03, 2021 (GLOBE NEWSWIRE) -- Wintrust Financial Corporation (“Wintrust” or “the Company”) (Nasdaq: WTFC) announced today that it has received 6,973 applications for $1.27 billion in loans since it opened its platform on January 11 to accept client submissions for the latest round of the Paycheck Protection Program (PPP) from the U.S. Treasury Department and Small Business Administration (SBA). Since the SBA opened its portal for application submissions on January 19, Wintrust has received funding authorization from the SBA for approximately 96 percent of its clients. Historically, Wintrust ranks as one of the largest SBA lenders in the communities served by its 15 community banks. For this latest round of the PPP program, to date, Wintrust has received more than $1.11 billion in loan requests from 6,030 small businesses in Illinois. It has received $75.5 million in loan requests from 639 small businesses in Wisconsin. An additional $95.8 million in loan requests have been received from 304 small business borrowers with operations in other states around the country. The median loan size is currently approximately $57,000 demonstrating the relief provided by Wintrust community banks to very small businesses. To date, Wintrust has funded $4.59 billion in PPP loans since the beginning of the program in March 2020. Edward J. Wehmer, Founder and Chief Executive Officer, commented, “On December 27, the Consolidated Appropriations Act became law mandating a third round of funding for the PPP program as well as substantive changes to the PPP program. Again, our team worked tirelessly to update our systems and with our communities to make sure all eligible businesses could receive the new funds as quickly as possible. We opened our portal for applications on January 11 – a week ahead of the SBA’s portal opening – so we could get our clients’ applications submitted in a timely fashion when the SBA’s portal first opened on January 19. At the same time, we were able to employ select branches as PPP Resource Centers for technology access and program expertise in the communities with the greatest need.” Wintrust was recently honored to receive seven awards from Greenwich Associates for excellence in banking – six in the middle market categ...