Customers Bank, "Customers Bank Partners with SBA on PPP Loan Forgiveness Portal" (Business Wire, July 28, 2021)

Summary

Customers Bank (NYSE:CUBI) issues a Business Wire release dated July 28, 2021, announcing that it will partner with the SBA to deliver responsive digital loan forgiveness service to small business borrowers. It says Customers made more than 320,000 PPP loans with an aggregate value of $9.6 billion, and is the largest PPP lender to join with the SBA so far. President & CEO Sam Sidhu is quoted encouraging other lenders to opt in to the SBA portal. The release states that the bank's average PPP loan for 2020 and 2021 was under $30,000, and that according to SBA statistics the national average loan size in 2021 was about $42,000.

Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used

Full text

Customers Bank Partners with SBA on PPP Loan Forgiveness Portal

July 28, 2021 01:00 PM Eastern Daylight Time

WEST READING, Pa.--( BUSINESS WIRE )--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 .

Contacts

David Patti, Director, Communications 610-451-9452

Release Summary

Customers Bank, one of the nation’s leading PPP lenders, announced it will partner with the SBA to deliver digital loan forgiveness to borrowers.

#Hashtags

$Cashtags

Social Media Profiles

Contacts

David Patti, Director, Communications 610-451-9452

File and source

File

en_5158bc5aa164920a.html

Size

54,404 bytes

SHA-256

18610edf6d5ae3f196ee63ee779acb89e368922a7f539607651f9d7541639a35

Our copy

en_5158bc5aa164920a.html

Original

www.businesswire.com