Virginia Partners, Atlantic Union provide $1.75 billion in PPP loans to small businesses
Two banks that had their beginnings in the Fredericksburg area have successfully received Small Business Administration approval for more than 10,500 loans totaling roughly $1.75 billion through the Paycheck Protection Program.
Atlantic Union Bank, which started in Caroline County and is now Virginia’s largest financial institution, announced Thursday that it has successfully received SBA approval for more than 10,000 loans totaling over $1.7 billion through the program. Virginia Partners Bank, which started in Fredericksburg, said Friday that it had received approval for 481 loans totaling $5.5 million.
Since the launch of PPP on April 3, more than 3.8 million loans for more than half a trillion dollars of economic support had been processed by lenders and approved by SBA by Friday, according to an update from Treasury Secretary Steven Mnuchin and SBA Administrator Jovita Carranza.
Since Round 2 of PPP loan processing began on April 27, 2.2 million loans have been made to small businesses. That surpasses the number of all loans made in PPP Round 1. The total value of these 2.2 million loans is over $175 billion. The average loan size in Round 2 is $79,000, and more than 70 percent of the loans are under $50,000.
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