Today, Customers Bank (NYSE:CUBI), one of the nation’s leading SBA Paycheck Protection Program (PPP) lenders, announced it will partner with the SBA to deliver responsive digital loan forgiveness service to the small business borrowers.
Customers, which made more than 320,000 PPP loans with an aggregate value of $9.6 billion, is the largest PPP lender to join with the SBA so far. Customers Bank President & CEO Sam Sidhu said, “The streamlined and efficient SBA PPP loan forgiveness portal will help borrowers and lenders move forward with economic growth and job creation following the pandemic. We encourage other lenders to join Customers Bank and opt-in to the SBA portal.”
Customers Bank believes the SBA portal is the fastest and best way to assure quick approval of loan forgiveness of smaller PPP loans up to $150,000. According to SBA statistics, the vast majority of loans went to firms with fewer than 20 employees with a national average loan size in 2021 of about $42,000. Customers Bank’s average PPP loan for 2020 and 2021 was under $30,000. “These are small and simple loans by banking standards,” commented Sidhu, “It makes good sense to process the forgiveness applications quickly, giving more scrutiny to the larger and more complex loans.”
See more at www.sba.gov.
About Customers Bank
Customers Bank, a subsidiary of Customers Bancorp, Inc. (NYSE: CUBI) a bank holding company, is a full-service super-community bank with assets of approximately $18.8 billion on March 31, 2021. A member of the Federal Reserve System with deposits insured by the Federal Deposit Insurance Corporation, Customers Bank is an equal opportunity lender that provides a range of banking and lending services to small and medium-sized businesses, professionals, individuals, and families. Services and products are available wherever permitted by law through digital-first apps, online portals, and a network of offices and branches. Additional information can be found on the company’s website, www.customersbank.com.