PROVIDENCE – Citizens Bank ranked among the top 15 lenders to participate in the U.S. Small Business Administration’s Paycheck Protection Program, according to a list recently shared by the SBA.
As of June 12, Citizens had processed just under $5 billion in payroll relief loans for more than 48,000 business applicants, putting it No. 13 among the top 15 lenders by dollar amount. Citizens’ average loan size was $102,408 and its total dollar lend comprised 0.8% of the $511 billion doled out under the program thus far.
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JPMorgan & Chase & Co. claimed the top lender spot, with $28.6 billion across more than 257,000 loans. Other lenders with locations in Rhode Island include Bank of America Corp., which processed the highest number of loans – 329,000 – worth a combined $25.1 billion, and TD Bank, which processed 80,000 loans worth $8.4 billion.
Together, the top 15 lenders were responsible for nearly a quarter of the $512 billion spent through the program as of June 12.
Details on top lenders by state were not available. In Rhode Island, more than 16,000 small businesses have been approved for a combined $1.9 billion.
Nancy Lavin is a staff writer for PBN. Contact her at Lavin@PBN.com.
