Press release
California Bank & Trust Processes More Than 8,400 PPP Loan Applications, Funding Nearly $1.62 Billion Thus Far
SBA preferred lender gets approval on more than 8,400 loans for California businesses, totaling $1.62 billion SAN DIEGO--(BUSINESS WIRE)-- California Bank &
About this update from Zions Bancorporation N.a.
[{"type":"text","content":"\nSBA preferred lender gets approval on more than 8,400 loans for California businesses, totaling $1.62 billion\n\n SAN DIEGO--(BUSINESS WIRE)--\nCalifornia Bank & Trust (CB&T) announced today that it has processed and obtained approval on more than 8,400 Paycheck Protection Programs (PPP) loans, totaling $1.62 billion, as of Friday, May 15. This funding will help preserve payroll for 138,463 California workers, based on applicant data.\n\n\nMore than 76% of loans approved were for amounts less than $150,000, and more than 90% of loans were made to businesses with 50 employees or fewer. The median size of the loans processed was $55,200.\n\n\n\n\nSummary of CB&T PPP Loans\n\n\nAs of May 15, 2020\n\n\n\n\n\nMarket\n\n\n\nLoans Processed\n\n\n\nAmount\n\n\n\nJobs Preserved\n\n\n\n\n\nSan Diego\n\n\n\n981\n\n\n\n$\n\n\n\n \n\n\n\n204,807,645.00\n\n\n\n16,937\n\n\n\n\n\nIrvine\n\n\n\n130\n\n\n\n$\n\n\n\n \n\n\n\n50,034,800.00\n\n\n\n4,227\n\n\n\n\n\nLos Angeles\n\n\n\n428\n\n\n\n$\n\n\n\n \n\n\n\n82,900,500.00\n\n\n\n6,533\n\n\n\n\n\nSan Francisco\n\n\n\n167\n\n\n\n$\n\n\n\n \n\n\n\n43,166,000.00\n\n\n\n2,717\n\n\n\n\n\nSacramento\n\n\n\n185\n\n\n\n$\n\n\n\n \n\n\n\n37,064,800.00\n\n\n\n3,846\n\n\n\n\n\nFresno\n\n\n\n362\n\n\n\n$\n\n\n\n \n\n\n\n47,034,600.00\n\n\n\n3,967\n\n\n\n\n\nCalifornia Total\n\n\n\n8,420\n\n\n\n$\n\n\n\n \n\n\n\n1,618,913,642.00\n\n\n\n138,463\n\n\n\n\n\nCalifornia Bank & Trust will continue processing PPP applications until funds are exhausted. As of Friday, May 8, the SBA had approved $189 billion of the $310 billion in Round 2 funding. Small businesses, independent contractors, self-employed individuals, nonprofits that qualify and have not yet applied for a PPP loan, can visit www.calbanktrust.com/cares to begin the application process.\n\n\nAs small businesses struggle for much-needed capital in the wake of the COVID-19 crisis, California Bank & Trust knew it had to help entrepreneurs during these challenging times. “Our deep and longstanding relationships in the communities we serve allowed the bank to process Paycheck Protection Program loan applications on an unprecedented level, both for existing clients and new clients,” said David Blackford, CEO of California Bank & Trust. “Employees have worked around the clock and through weekends on behalf of businesses that represent a broad cross section of d...