Bank of America CEO Brian Moynihan discusses the bank's lending activity on Fox News.
Written by The Business Journal Staff
Bank of America makes $160 million in PPP loans in Central Valley
Bank of America announced it had processed more than $160 million in Paycheck Protection Program loans in the Fresno area through the end of April.
That accounts for about 1,500 successful loan applications, 98% made by businesses with fewer than 100 employees and 64% going to businesses with less than 10 employees.
That’s the local picture of a lending effort that saw 265,500 small businesses nationwide approved for nearly $25 billion in relief from the coronavirus pandemic.
Since the U.S. Small Business Administration opened a second round of PPP applications on April 27, Bank of America has sent 213,000 promissory notes to small business indicating SBA loan approval. Bank of America has emerged as the No. 1 SBA lender in the second round of funding.
“We processed applications for more than 250,000 small businesses during the second phase of this program, and we continue to receive and process new applications. We are happy to see the SBA has been processing submissions at a faster rate, and hopefully there is sufficient funding for everyone in need,” said Dean Athanasia, head of Consumer and Small Business at Bank of America.
Bank of America has also made $323,500 in grant funds to a dozen area nonprofits, including the Central California Food Bank, Poverello House, Fresno Rescue Mission and United Way of Fresno & Madera Counties.