SBA Approves $ 447 Million In North Carolina P3 Loans In January | Business
As part of the ongoing transparency of economic aid programs, the U.S. Small Business Administration (SBA) recently released data summarizing Paycheck Protection Program (PPP) loan approvals made through January 24, 2021.
The SBA reopened the PPP on January 11 with $ 284 billion earmarked for the Economic Aid Act. So far in this round of funding, 5,349 PPP loans valued at $ 447,450,478 have been approved by the SBA in North Carolina.
In the Southeastern region of the SBA – which serves Alabama, Florida, Georgia, Kentucky, Mississippi, North Carolina, South Carolina and Tennessee – a total of more than 53,000 loans PPPs valued at over $ 1.7 billion have been approved.
Nationally, over 400,000 loans valued at over $ 35 billion have been approved this cycle. Overall, the average loan size is $ 87,000. In total, all PPP loans approved in 2020 combined in this round total more than 5.5 million PPP loans for a total of $ 557.8 billion.
“We are encouraged to see the very high number of PPP loans that have been approved so far in this latest round of PPP in the South East region. This much-needed financial assistance is intended to provide economic relief to small businesses and other eligible entities, particularly businesses located in low-income areas and underserved communities, ”said Janita R. Stewart, Acting Regional Administrator. “Our intention of this PPP cycle is to help entrepreneurs in areas that may not have had the opportunity to use the program during the undergraduate PPP cycle as well as business owners who are willing to apply for a second PPP loan to continue their recovery. . “
The full PPP report from January 24, 2021 includes national information on types of lenders, loan sizes, industries and borrower demographics.
The data published in the report is a snapshot of the PPP loan portfolio as of January 24, 2021. Any loan
changes or cancellations made after this date will not be reflected in the report.
Approximately 4,500 lenders nationwide participate in PPP this cycle. PPP loans are granted by credit institutions and then guaranteed by the SBA.
To better serve underserved communities, including small businesses owned by minorities, women and veterans, the SBA provided dedicated access to community financial institutions (CFIs) specializing in serving these communities. At least $ 15 billion is earmarked for PPP loans by CFIs, including community development finance institutions (CDFIs), minority depositories (MDIs), certified development companies (CDCs), and microcredit intermediaries. CFIs can be located (as well as all PPP lenders) using Lender Match.
While the PPP loan application specifically asks for demographic information on borrowers so that the agency can better understand which small businesses benefit from PPP loans, the data reflects information submitted by lenders to the SBA.
The North Carolina SBA District continues to work in close partnership with the local network of SBA resource partners and develops multilingual access and awareness of PPP.
The deadline to apply for a PPP loan is March 31, 2021 or until the allocated funds are exhausted.
Updated PPP information – including forms, tips, resources, information and data on lenders – is available at www.sba.gov/ppp. Information on all SBA coronavirus relief funding can be found at www.sba.gov/coronavirusrelief.
About the United States Small Business Administration
The US Small Business Administration (SBA) is making the American dream of becoming a business owner a reality. As the only resource and voice for small businesses backed by the strength of the federal government, the SBA gives entrepreneurs and small business owners the resources and support they need to start, grow or grow their businesses, or grow their businesses. recover from a declared disaster. It provides services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov. The North Carolina District serves all of North Carolina with offices in Charlotte, Asheville, Raleigh, and Wilmington.