Bank of Southern California Provides $229 Million in Paycheck Protection Program (PPP) Loans
- April 13, 2021
- Posted by: Robert
- Category: Uncategorized
San Diego, Calif., April 2, 2021 – Bank of Southern California, N.A. (OTC Pink: BCAL), a commercial bank headquartered in San Diego, reported today that as of March 31, 2021, it has funded a total of $229 million in First Draw and Second Draw Paycheck Protection Program (PPP) loans. These results, which reflect the most recent round of government-allocated PPP funding, provided 1,578 local small businesses impacted by the COVID-19 pandemic with vital financing.
As a Preferred Lender with the SBA, Bank of Southern California’s team of experienced bankers worked tirelessly to provide both First Draw and Second Draw PPP loans to eligible small businesses. A total of $7 million was funded in the form of First Draw PPP loans, aiding more than 170 local small businesses in need. Additionally, a total of $222 million was funded in the form of Second Draw loans, benefiting more than 1,400 Southern California businesses. These results far outperformed many larger Southern California financial institutions.
Of significance, every Bank of Southern California customer who qualified and applied for a PPP loan, received one. Additionally, the Bank was able to help hundreds of small businesses in low and moderate-income (LMI) areas through its outreach efforts aimed at supporting all businesses in need, and not just customers.
“I am proud of Bank of Southern California’s ability to support so many local small businesses at a time when they needed us most,” commented Tony DiVita, Executive Vice President and Chief Operating Officer of Bank of Southern California. “The exceptional teamwork and commitment displayed by our employees led to these impactful results and we remain focused on supporting local businesses in need through our continued participation in this critical program,” concluded DiVita.
Bank of Southern California is continuing to receive and process PPP applications for eligible Southern California businesses in accordance with the programs extended deadline of May 31, 2021, made possible by the PPP Extension Act of 2021. To learn more, visit https://www.banksocal.com.