In 4 Days Sees 6 Months of Volume
April 10, 2020
Primary Bank in Bedford, New Hampshire, had made 39 Small Business Administration loans since Oct. 1, the start of the federal fiscal year. From April 3-7, due to the Payroll Protection Program, the bank saw that number jump threefold.
Joe Bator, executive vice president at Primary Bank, told the New Hampshire Business Review, “We’ve been working around the clock through the weekend. The demand has been crazy, to be honest.”
Bator told the publication within 12 hours on Friday, April 3, Primary Bank approved 40 loans totaling $17 million. On Saturday, it was up to 74 loans for a total of $26.3 million. And when Bator talked to NH Business Review on April 7, he was starting to lose count. “Over a hundred,” was all he could say.
The article added Primary Bank is better at keeping up with and disclosing how much it is lending than any other bank. Indeed, at deadline, even the New Hampshire SBA office could not provide any numbers on how many loans it had approved and for how much, much less who was getting them, though previously the recipients of SBA lending had been public record, since taxpayer money is at risk. (To be fair, the SBA, already woefully understaffed for this kind of a program. In the last fiscal year its 7a program for the entire country amounted to $21 billion for the whole entire year. The PPP program, rolled out in a matter of days, is 16 times the size.)
Read more about SBA PPP loans in New Hampshire.
The Bottom Line
Financial Institutions May Not Quite Be Ready