WESTERN READING, Pa – (BUSINESS WIRING) – Today, Client Bank (NYSE: CUBI), one of the nation’s leading payroll protection (PPP) lenders to the SBA, announced that it will partner with the SBA to provide flexible digital loan forgiveness services to small business borrowers.
Clients with over 320,000 PPP loans totaling $ 9.6 billion are by far the largest PPP lender to join the SBA. Sam Sidhu, President and CEO of Customers Bank, said: “The streamlined and efficient portal for SBA’s PPP loan forgiveness will help borrowers and lenders move forward with economic growth and job creation in the wake of the pandemic. We encourage other lenders to join Customers Bank and subscribe to the SBA Portal. ”
The Client Bank believes that the SBA Portal is the fastest and best way to ensure fast loan forgiveness approval for small PPP loans up to USD 150,000. According to SBA statistics, the vast majority of loans were made to firms with fewer than 20 employees with an average national loan size of about $ 42,000 in 2021. The average loan size under the PPP of the Bank’s clients for 2020 and 2021 was less than USD 30,000. “By banking standards, these are small and simple loans,” commented Sidhu. “It makes sense to process forgiveness applications quickly, with more emphasis on larger and more complex loans.”
See more at www.sba.gov…
About customer bank
Customers Bank, a subsidiary of Customers Bancorp, Inc. (NYSE: CUBI), a banking holding company, is a full-service universal bank with approximately $ 18.8 billion in assets as of March 31, 2021. A member of the Federal Reserve Board with Deposits insured by the Federal Deposit Insurance Corporation, Customer Bank is an equal opportunity lender that provides a wide 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 applications, online portals and a network of offices and subsidiaries. Additional information can be found on the company’s website, www.customersbank.com…