Wintrust Financial Corporation to Make Loans to Approximately 8,900 Small Businesses Through the Paycheck Protection Program

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[{"type":"text","content":"ROSEMONT, Ill., April 17, 2020 (GLOBE NEWSWIRE) -- Wintrust Financial Corporation (“Wintrust” or “the Company”) (Nasdaq: WTFC) announced today that it secured authorization from the Small Business Administration (SBA) to fund nearly $3.3 billion in loans to approximately 8,900 small businesses through April 16, when the SBA announced that appropriations had been exhausted for the $349 billion Payroll Protection Program (PPP).\n When the SBA announced that the $349 billion allocation had been fully allocated, Wintrust had secured authorization from the SBA to fund loans for approximately 99 percent of the client applications it had received and processed for approval. Wintrust has since notified and is working with those clients who didn’t receive loan authorization, mainly due to incomplete or ineligible applications, to help review other sources of relief that may be available to them. Historically, Wintrust ranks as one of the largest SBA lenders in the communities it serves. For the PPP program, Wintrust secured approval of more than $2.5 billion in loans for approximately 7,500 small businesses in Illinois. It secured approval of over $263 million in loans for more than 850 small businesses in Wisconsin. The remaining approximately $500 million in loan approvals were secured for more than 500 small business borrowers with operations in other states around the country. The median loan size is approximately $87,500, and more than 4,500 loans, over half of the total number of PPP loans made by Wintrust, are for less than $100,000, demonstrating the relief provided by Wintrust community banks to very small businesses. Edward J. Wehmer, Founder and Chief Executive Officer, commented, “Our clients and communities needed our help and we did our very best to earn the trust they placed in us. We have begun funding the loan applications that we received during the early days of the program, thus far funding nearly half of the $3.3 billion in approved loans. We look forward to completing the necessary documentation and funding the remaining loans as quickly as possible over the next few days.” Wehmer continued, “These are difficult times for everyone. And while we could have never envisioned these specific circumstances when Wintrust was founded in 1991, one of our founding principles was to always answer the call of our communities wh...

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