Wallis Bank announced that it has processed over 3,500 loans totaling more than $347.5 million under the Small Business Administration’s Paycheck Protection Program (PPP), helping small businesses support payroll and related costs. The average loan size was approximately $99,000 as of May 26. The PPP provides forgivable, government-guaranteed loans for the nation’s small businesses, which account for roughly 48 percent of the U.S. workforce.
“As relationship bankers and dedicated members of this community, we are doing everything we can to protect the vibrancy of our small businesses, which serve as the economic engines for our economy,” said Asif Dakri, Chief Executive Officer of Wallis Bank. “I’m so proud of our staff, who have worked around the clock to process loans and ensure that critical funds were able to get in the hands of those who needed it most.”
“Community banks stepped in to provide a helping hand to local small businesses—something that they do during both good times and challenging ones,” ICBA President and CEO Rebeca Romero Rainey said. “Providing more than half of the nation’s small business loans, community banks prioritize the needs of their local customers and communities and quickly adapt and respond during times of crisis. By providing the lion’s share of PPP loans, community banks have served an essential role in helping small businesses survive amid COVID-19, while saving countless jobs across our nation.”