Customers Bank Partners with SBA on PPP Loan Forgiveness Portal
July 28 2021 - 1:00PM
Business Wire
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.
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David Patti, Director, Communications 610-451-9452
Customers Bancorp (NYSE:CUBI)
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