Bank of Southern California Provides $229 Million in Paycheck Protection Program (PPP) Loans
Bank of Southern California (OTC Pink: BCAL) reported that as of March 31, 2021, it has funded $229 million in Paycheck Protection Program (PPP) loans, aiding 1,578 small businesses affected by COVID-19. As a Preferred Lender with the SBA, the bank financed $7 million in First Draw loans and $222 million in Second Draw loans, exceeding the performance of larger institutions. Notably, every qualified customer received a PPP loan, including support for small businesses in low and moderate-income areas. The bank continues to process PPP applications until May 31, 2021.
- Funded a total of $229 million in PPP loans, supporting 1,578 businesses.
- Outperformed larger Southern California financial institutions in PPP loan distribution.
- Every qualified customer received a PPP loan, demonstrating strong customer service.
- None.
Bank of Southern California, N.A. (OTC Pink: BCAL), a commercial bank headquartered in San Diego, reported today that as of March 31, 2021, it has funded a total of
As a Preferred Lender with the SBA, Bank of Southern California’s team of experienced bankers worked tirelessly to provide both First Draw and Second Draw PPP loans to eligible small businesses. A total of
Of significance, every Bank of Southern California customer who qualified and applied for a PPP loan, received one. Additionally, the Bank was able to help hundreds of small businesses in low and moderate-income (LMI) areas through its outreach efforts aimed at supporting all businesses in need, and not just customers.
“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 Chief Operating Officer of Bank of Southern California. “The exceptional teamwork and commitment displayed by our employees led to these impactful results and we remain focused on supporting local businesses in need through our continued participation in this critical program,” concluded DiVita.
Bank of Southern California is continuing to receive and process PPP applications for eligible Southern California businesses in accordance with the programs extended deadline of May 31, 2021, made possible by the PPP Extension Act of 2021. To learn more, visit https://www.banksocal.com.
About Bank of Southern California
A growing commercial bank, established in 2001, Bank of Southern California, N.A., with headquarters in San Diego, CA, is locally owned and managed, and offers a range of financial products to individuals, professionals and small-to-medium sized businesses. The Bank’s solution-driven, relationship-based approach to banking provides accessibility to decision makers and enhances 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 the Coachella Valley in Riverside County. For more information, please visit https://www.banksocal.com/ or call 844.BNK.SOCAL.
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FAQ
What is the total amount funded by Bank of Southern California in PPP loans as of March 31, 2021?
How many businesses benefited from the PPP loans funded by BCAL?
What was the amount allocated to First Draw and Second Draw PPP loans by BCAL?
Until when is Bank of Southern California accepting PPP applications?
