More than Half a Million Workers’ Paychecks May Be Protected Through the Loans
SALT LAKE CITY, UT (STL.News) Zions Bancorporation, N.A. (NASDAQ: ZION) announced today that it has processed and obtained approval for 40,483 U.S. Small Business Administration (SBA) Paycheck Protection Program (PPP) loans totaling $7.05 billion, as of May 10, 2020.
Originated and processed by Zions Bancorporation’s affiliate banks operating across 11 western states, the loans will help preserve payrolls for more than 600,000 workers, based on applicant data.
More than 66% of the loans were made to businesses with fewer than 10 employees. Nearly 80% of the loans approved were for amounts less than $150,000 (55% for amounts less than $50,000) and the median loan amount approved was $41,600. Additionally, approximately 21% of the loans approved have been for businesses that were not previously Zions Bancorporation customers.
“As one of the nation’s leading small business banks, we care deeply about the health and vitality of America’s entrepreneurs, their employees and businesses,” said Zions Bancorporation Chairman and CEO Harris H. Simmons. “We are very proud of the work we have done to provide loans to small businesses and qualifying non-profit organizations under the CARES Act. Our work isn’t done; we will continue to accept and submit applications in all of our markets until the PPP funds are exhausted.”
The company engaged approximately 2,000 employees — roughly 20% of its workforce — in various aspects of the project. At its peak, the company’s central loan center processed approximately 140 times its normal daily volumes.
Demonstrating the company’s ability to quickly harness financial technology tools to solve client needs, Zions Bancorporation’s Enterprise Technology and Operations division developed an end-to-end PPP technology solution in less than a week leveraging its investments in automated robotic processing and API capabilities.
Breakdown of SBA Paycheck Protection Program funding approved by market:
NOTE: this is NOT the complete release.