BBVA USA recounts Paycheck Protection Program results to date, lends $3.3 billion

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."