With many small businesses struggling to maintain their financial reserves During COVID-19, Bank of America, JPMorgan Chase, and Wells Fargo were the U.S. lenders with the largest number of Paycheque Protection Program (PPP) ready. Between the first week of April and the end of June 2020, the three banks issued more than 789,600 PPP loans out of a total of 4.8 million that were distributed. Bank of America took the lead, with nearly 334,700 PPP loans at that time, or about 7% of the total allocated. Although these banks are the most popular according to the number of PPP loans issued nationally, other lenders have taken the top spot in different states across the country.
Using data released by the Small Business Administration (SBA) in coordination with the Treasury Department, SmartAsset identified the most popular PPP lender in each state. From there, we determined the states where the highest number of PPP loans came from a single lender, i.e. where the most popular PPP lender represented the highest percentage of total loans issued. . For more details on our data sources and how we put all the information together to create our final ranking, see the Data and Methodology section below.
A credit union was on the list dominated by banks. The Coronavirus Aid, Relief and Economic Security Act (CARES), which included the PPP, enabled a wide range of lenders – including traditional SBA lenders, banks, credit unions and fintech lenders – to grant the loans. Despite this range of possibilities, the most popular PPP lender in 49 of the 50 states was, arguably, a bank. Idaho is the only state where a credit union – specifically, the Idaho Central Credit Union – was the most popular PPP lender.
A single lender is responsible for more than a quarter of loans in three states. The Central Pacific Bank in Hawaii, Glacier Bank in Montana, and Citizens Bank in Rhode Island have made over 25% of P3 loans to small businesses in their respective states.
There were a variety of the most popular PPP lenders in all 50 states. There are 33 of the most popular unique lenders in our study. Only seven lenders were the most popular in two or more states. These are JPMorgan Chase, Bank of America, US Bank, Citizens Bank, TD Bank, People’s United Bank and Truist Bank. JPMorgan Chase and Bank of America were both the most popular PPP lenders in six states.
1. Hawaii – Central Bank of the Pacific
According to data on the number of loans issued, Central Bank of the Pacific was the most popular PPP lender in Hawaii. Between the first week of April and the end of June, the Pacific Central Bank granted approximately 6,900 PPP loans to businesses. Of these, approximately 6,200 were loans of less than $ 150,000, while the remaining approximately 700 were loans of $ 150,000 and over. In total, the Central Pacific Bank is responsible for more than 28% of the PPP loans dispersed in Hawaii.
2. Montana – Glacier Bank
Almost 26% of P3 loans in Montana were initiated by Glacier Bank, headquartered in Kalispell, MT. More specifically, of the approximately 23,100 PPP loans granted to small businesses in the state, Glacier Bank has generated nearly 6,000.
3. Rhode Island – Citizens Bank
About 200 Rhode Island lenders participated in the P3 loan distribution. Citizens Bank was the most popular PPP lender of this total, although it only accepted applications from existing customers. Citizens Bank granted more than 4,300 PPP loans between the first week of April and the end of June.
4. Alaska – Northrim Bank
As in Rhode Island, approximately 200 lenders in Alaska have participated in the Paycheck Protection Program. From these lenders, Northrim Bank was the most popular. Northrim Bank has approved and issued a total of nearly 2,600 PPP loans, the majority of which are for amounts under $ 150,000. Specifically, about 81% of Northrim Bank’s PPP loans were for less than $ 150,000, while the remaining about 19% were $ 150,000 or more.
5. Utah – Zions Bank
Although Zions Bank serves 10 states in the west and southwest, its head office is located in Utah. Accepting PPP loan applications from existing and new clients, Zions Bank has granted nearly 10,700 loans from the start of the program in April until the end of June. This represents 21.06% of all PPP loans for small businesses in the state of Utah.
6. New York – JPMorgan Chase
Although there are nearly 1,200 PPP lenders in New York State, over 18% of all PPP loans in the state come from JPMorgan Chase Bank. The bank made approximately 49,400 business loans for less than $ 150,000 and nearly 9,300 to businesses for $ 150,000 or more.
7. Delaware – WSFS Bank
Almost 18% of the PPP loans distributed to businesses in the state of Delaware came from the Wilmington Savings Fund Society Bank, also known as WSFS Bank. WSFS Bank granted around 2,200 PPP loans between early April and late June. Only about 12,500 have been created statewide.
8. California – Bank of America
In the 50 states, the most P3 loans originated from California. Between the first week of April and the end of June 2020, California lenders granted more than 581,100 P3 loans to small businesses. Of this total, more than 90,200 loans were issued by Bank of America.
Bank of America can be a good banking option for individuals and businesses alike. It ranks among the our best banks in 2020.
9. Arkansas – Arvest Bank
Arvest Bank has a strong presence in the states of Arkansas, Kansas, Missouri and Oklahoma. Over 15% of PPP loans to Arkansas businesses were initiated by Arvest Bank. About 91% of Arvest Bank PPP loans were for amounts below $ 150,000.
10. New Jersey – TD Bank
The most popular PPP lender in New Jersey was TD Bank. In the first three months of the Paycheck Protection Program, TD Bank made approximately 19,700 small business loans under $ 150,000 and nearly 2,800 P3 loans of $ 150,000 or more.
Data and methodology
The data for this study comes from the Small Business Administration (SBA) and the Department of the Treasury. To find the most popular PPP loan lender in each state, we first totaled the number of PPP loans each lender distributed between April 3, 2020 and June 30, 2020 and found the lender with the highest number. raised. From there, we determined the states where the most PPP loans came from a single lender, ranking on this metric. To find this figure, we divided the number of PPP loans issued by the state’s most popular PPP lender by the number of PPP loans issued by all lenders in the state.
Tips for Small Businesses During the COVID-19 Crisis
Find help from other sources. Several other establishments are helping individuals and businesses that have suffered financial losses due to the coronavirus. See our full list of companies helping people affected by the coronavirus.
Rethinking your retirement strategy? Are you considering – or reconsidering – how you want to save for your retirement after the crisis? Use SmartAsset retirement calculator to see what steps you could take.
Seek expert advice. If you are a business owner seeking advice during the current crisis, consider working with a financial advisor. The free tool of SmartAsset connects you with financial advisors in your area in five minutes. If you’re ready to be matched with local advisors who will help you reach your financial goals, start now.
Questions about our study? Contact us at [email protected]
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