SAN JUAN, Puerto Rico and NEW YORK – (BUSINESS WIRING) –Popular, Inc., (Nasdaq: BPOP), announced today that nearly 50,000 loans have been processed since the end of the second round of the Payroll Protection Program (PPP) on May 31, 2021, raising $ 2.1 billion in both rounds of the program.
Popular indicated that in its second round of PPPs, which began on January 19, the company processed approximately 20,500 loans totaling $ 673 million throughout its presence in Puerto Rico, the US and the US Virgin Islands. Popular’s average loan was $ 32,800, compared with the national average of $ 42,000. In Puerto Rico, the average loan size was $ 29,000. The businesses that benefited from these PPP loans employ approximately 136,000 people across a wide range of industries, including food and housing (28%), retail (12%), healthcare and social assistance (12%), and professional services (8%). ).
“Our participation in this program reflects our commitment to promoting the well-being of the communities we serve and has enabled us to support tens of thousands of small and medium-sized enterprises during times of severe economic hardship caused by the pandemic. We are grateful for their trust and the efforts of our colleagues during this historic time, which allowed us to provide significant assistance to so many clients. Hundreds of percent of loan requests in the second round were processed through our portal, which allowed us to create, review for approval and issue these loans digitally, ”said Ignacio Alvarez, President and CEO of Popular.
The main bank in Puerto Rico was popular in terms of loans processed through both rounds of PPPs, totaling $ 1.7 billion, or 62% of the island’s total loans.
The PPP Lending Program was created by the Coronavirus Relief, Relief and Economic Security Act (CARES Act), federal legislation designed to help individuals and businesses affected by the coronavirus pandemic.
About Popular, Inc.
Popular, Inc. is the leading financial institution in both assets and deposits in Puerto Rico and is one of the 50 largest US bank holding companies by assets. Founded in 1893, Banco Popular de Puerto Rico, Popular’s main subsidiary, provides retail, mortgage and commercial banking services in Puerto Rico and the US Virgin Islands. Popular also offers in Puerto Rico car and equipment leasing and financing, investment banking, brokerage and insurance services through specialized subsidiaries. In the mainland of the United States, Popular provides retail, mortgage and commercial banking services through its New York-based subsidiary Popular Bank, which has branches in New York, New Jersey and Florida.