HOUSTON, May 26, 2020 /PRNewswire/ -- BBVA
USA has funded approximately
$3.3 billion small business loans in
less than 60 days, processing more than 22,000 applications and
impacting approximately 360,000 jobs through its efforts in the
Small Business Administration's (SBA) Paycheck Protection Program
(PPP), the bank announced today.
For context on the size of the bank's commitment to the PPP, the
bank's total SBA 7(a) loan originations for the fiscal year ending
Sept. 30, 2019 were 259 loans
totaling nearly $270.7 million, an
outcome that garnered the bank a no. 14 rank nationally in dollar
volume for SBA loans originated. The bank consistently punches
above its weight class for the SBA lending component of its small
business portfolio, ranking in the top 15 nationally each year. In
the case of PPP, the bank lent in less than 60 days what it might
typically do over the course of ten years.
"This program has by far outpaced any previous small business
lending that we have done," said BBVA USA Executive Director of Business Banking
Elizabeth Dobers. "We were among the
first banks to open our online portal to applicants because we
truly felt this program was our call to do everything we could for
the small businesses that make up the fabric of our communities,
and it was a call we took to heart."
The PPP, a key small business relief component of the CARES
Act, allows businesses with fewer than 500 employees to borrow
money from government guaranteed lenders to fund up to 2.5
times their monthly payroll and other employee expenses, including
health insurance and retirement coverage. If all employees are
retained throughout the designated time period, businesses may be
eligible to have their loan balances forgiven.
BBVA today reported that so far, through the second round of
funding for the PPP, it has:
- Funded approximately $3.3 billion
dollars in small business loans
- Processed, underwritten and approved more than 22,000
applications
- Impacted approximately 360,000 jobs in communities across the
country
- Provided an average loan size of $149,000
- Supported diverse industries from medical providers to
restaurants to manufacturing plants
- Provided loans to nearly 3,100 borrowers who did not previously
have a relationship with BBVA USA
- Began funding loans on April 6,
just 3 days after the program opened for applications
To support small businesses through the PPP, the bank developed
a new online application in just three days - something that
in normal circumstances would typically require up to a year of
planning, development and deployment. The bank also added hundreds
of people from across all lines of business to process, underwrite
and submit applications, including a volunteer force and
Retail team members who came in during their "off" hours to
process applications and connect with applicants.
"We've heard from clients across our footprint whose livelihoods
have been saved by this funding," Dobers said. "Many of them have
told us how our team members were contacting them in the wee hours
of the morning, based on their email timestamps. Without fail, all
of them have told us how grateful they are that our team members
worked around the clock to get them funding."
BBVA USA has been recognized as
one of the leading small business lenders by the SBA and ranked
14th nationally in terms of dollar volume of SBA loans originated,
based on financial data for fiscal year 2019.
"BBVA USA has always been
incredibly strong with its SBA lending, ranking consistently in the
top 15 for dollar volume and punching way above its weight class,"
she said. "Our efforts with PPP were herculean, comparatively, with
the bank lending in less than 60 days what it might typically do
over the course of ten years."
"I just can't tell you how proud we are as a bank to have served
our communities in this way," Dobers said. "I speak for everybody
that was part of this project when I say that we were fully aware
of how many livelihoods were on the line, but having the
opportunity to be a part of saving an estimated 360,000 jobs is a
pinnacle moment in our careers."
BBVA USA is continuing to take
applications from customers and non-customers. Click here for
more information on how to apply for a PPP loan through BBVA
USA.
For additional information regarding BBVA's COVID-19 response,
visit the bank's COVID-19 landing page, here.
For more BBVA news visit, www.bbva.com and the U.S.
Newsroom.
Additional news updates can be found via Twitter and
Instagram.
For more financial information about BBVA in the U.S., visit
bbvausa.investorroom.com.
About BBVA
BBVA Group
BBVA (NYSE: BBVA) is a customer-centric global financial services
group founded in 1857. The Group has a strong leadership position
in the Spanish market, is the largest financial institution in
Mexico, and has leading franchises
in South America and the Sunbelt
Region of the United States. It is
also the leading shareholder in Turkey's Garanti BBVA. BBVA's purpose is to
bring the age of opportunities to customers by providing the best
solutions and helping them make the best financial decisions
through an easy and convenient experience. The institution's
responsible banking model aspires to achieve a more inclusive and
sustainable society. BBVA rests on three solid values: customer
comes first, we think big and we are one team.
BBVA USA
In the
U.S., BBVA is a Sunbelt-based financial institution that operates
641 branches, including 330 in Texas, 89 in Alabama, 63 in Arizona, 61 in California, 44 in Florida, 37 in Colorado and 17 in New Mexico. The bank ranks among the top 25
largest U.S. commercial banks based on deposit market share and
ranks among the largest banks in Alabama (2nd), Texas (4th) and Arizona (6th). In the U.S., BBVA has been
recognized as one of the leading small business lenders by the
Small Business Administration (SBA) and ranked 14th nationally in
terms of dollar volume of SBA loans originated in fiscal year
2019.
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SOURCE BBVA USA