Bank of Southern California, N.A., a community business bank headquartered in San Diego, announced today that it has funded more than $487.8 million in Paycheck Protection Program (PPP) loans.
The Paycheck Protection Program provides small businesses with financial resources to maintain their payroll, hire back employees who may have been laid off, and cover applicable overhead.
The program is a key part of the CARES Act.
As of May 7, 2020, the bank provided 1,940 local businesses affected by the coronavirus (COVID-19) with critical financing to retain or restore jobs for 51,523 individuals, the Bank of Southern California said.
As an SBA Preferred Lender, Bank of Southern California felt a fundamental responsibility to support the business community and offered PPP loans to both customers and non-customers. Through this approach, the bank was able to help even more businesses obtain funding, resulting in many new banking relationships.
“Our employees continue to demonstrate their commitment and dedication to the business community — working around the clock to deliver for those in need,” Nathan Rogge, president and CEO of Bank of Southern California said “I am proud of the impact Bank of Southern California has made in providing vital funds to support small businesses and our local communities. As we look to the future, we will continue to build upon these new relationships and provide long-term value for our clients.”
Small businesses and eligible nonprofit organizations, veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards, according to the Treasury Department.
Bank of Southern California is still accepting PPP loan applications for Southern Californian businesses.
The bank currently operates eleven branches in San Diego County, Los Angeles County, Orange County, and the Coachella Valley in Riverside County.
A growing community bank, established in 2001, Bank of Southern California, with headquarters in San Diego, is locally owned and managed, and offers a range of financial products to individuals, professionals and small-to-medium sized businesses.