Customers Bank Partners with SBA on PPP Loan Forgiveness Portal

Rhea-AI Summary

Customers Bank (NYSE:CUBI), a leading SBA Paycheck Protection Program (PPP) lender, announced its partnership with the SBA for a digital loan forgiveness service aimed at small business borrowers. Having issued over 320,000 PPP loans totaling $9.6 billion, Customers Bank is the largest PPP lender to join this initiative. The bank's average PPP loan was under $30,000, focusing on quick processing for smaller loans. CEO Sam Sidhu emphasized that the new portal will facilitate economic growth post-pandemic by streamlining the loan forgiveness process.

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• Partnership with SBA to offer digital loan forgiveness service.
• Largest PPP lender with over 320,000 loans totaling $9.6 billion.
• Focus on quick processing of loans under $150,000, benefiting small businesses.

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• None.

Today, Customers Bank (NYSE:CUBI), one of the nation’s leading SBA Paycheck Protection Program (PPP) lenders, announced it will partner with the SBA to deliver responsive digital loan forgiveness service to the small business borrowers.

Customers, which made more than 320,000 PPP loans with an aggregate value of $9.6 billion, is the largest PPP lender to join with the SBA so far. Customers Bank President & CEO Sam Sidhu said, “The streamlined and efficient SBA PPP loan forgiveness portal will help borrowers and lenders move forward with economic growth and job creation following the pandemic. We encourage other lenders to join Customers Bank and opt-in to the SBA portal.”

Customers Bank believes the SBA portal is the fastest and best way to assure quick approval of loan forgiveness of smaller PPP loans up to $150,000. According to SBA statistics, the vast majority of loans went to firms with fewer than 20 employees with a national average loan size in 2021 of about $42,000. Customers Bank’s average PPP loan for 2020 and 2021 was under $30,000. “These are small and simple loans by banking standards,” commented Sidhu, “It makes good sense to process the forgiveness applications quickly, giving more scrutiny to the larger and more complex loans.”

See more at www.sba.gov.

About Customers Bank

Customers Bank, a subsidiary of Customers Bancorp, Inc. (NYSE: CUBI) a bank holding company, is a full-service super-community bank with assets of approximately $18.8 billion on March 31, 2021. A member of the Federal Reserve System with deposits insured by the Federal Deposit Insurance Corporation, Customers Bank is an equal opportunity lender that provides a 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-first apps, online portals, and a network of offices and branches. Additional information can be found on the company’s website, www.customersbank.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210728005681/en/

FAQ

What is Customers Bank's role in the PPP?

Customers Bank is one of the largest PPP lenders, having issued over 320,000 loans worth $9.6 billion.

How does the SBA loan forgiveness portal benefit borrowers?

The SBA portal streamlines the forgiveness process for loans, particularly those under $150,000, helping borrowers receive approvals faster.

When did Customers Bank announce its partnership with the SBA?

Customers Bank announced its partnership with the SBA today, aiming to enhance loan forgiveness services.

What is the average size of a PPP loan issued by Customers Bank?

The average PPP loan issued by Customers Bank was under $30,000.

Why is the SBA loan forgiveness portal important?

It ensures quick approval of loan forgiveness, which supports economic growth and job creation post-pandemic.