Bank of Southern California Provides $ 229 Million in Paycheck Protection Program (P3) Loans
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Bank of Southern California Provides Small Businesses In Need Of Critical COVID-19 Relief Fund
SAN DIEGO – (BUSINESS WIRE) – Bank of Southern California, NA (OTC Pink: BCAL), a commercial bank headquartered in San Diego, today announced that as of March 31, 2021, it had funded a total of $ 229 million in premier Paycheck Protection Program (PPP) loans. and second prints. These results, which mirror the latest round of government-allocated PPP funding, provided 1,578 small local businesses affected by the COVID-19 pandemic with vital funding.
As the SBA’s preferred lender, the Bank of Southern California’s team of experienced bankers have worked tirelessly to provide first and second draw PPP loans to qualifying small businesses. A total of $ 7 million was funded in the form of PPP First Draw loans, helping more than 170 small local businesses in need. In addition, a total of $ 222 million was funded in the form of Second Draw loans, benefiting more than 1,400 businesses in Southern California. These results far outperformed many major financial institutions in Southern California.
Importantly, every Bank of Southern California customer who qualified and applied for a PPP loan received one. Additionally, the Bank has been able to help hundreds of small businesses in Low and Moderate Income (LMI) areas through its outreach efforts to support all businesses in need, not just clients.
“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 COO of Bank of Southern California. “The exceptional teamwork and commitment displayed by our employees has led to these impactful results and we remain focused on supporting local businesses in need through our continued participation in this vital program,” concluded DiVita.
Bank of Southern California continues to receive and process PPP applications for qualifying Southern California businesses in accordance with the extended program timeline of May 31, 2021, made possible by the PPP Extension Act of 2021. To learn more, visit https://www.banksocal.com.
About the Bank of Southern California
A growing commercial bank, established in 2001, Bank of Southern California, NA, headquartered in San Diego, CA, is locally owned and managed and offers a range of financial products to individuals, professionals and small and medium businesses. companies. The Bank’s solution-oriented and relationship-oriented banking approach provides accessibility to decision-makers and increases value through strong partnerships with its clients. The Bank currently operates branches in San Diego County, Los Angeles County, Orange County, San Bernardino County and Coachella Valley in Riverside County. For more information, please visit https://www.banksocal.com/ or call 844.BNK.SOCAL.
Bank of Southern California
Source: Bank of Southern California, NA