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So what are we doing here at Growth Capital?
Wow, what a difference a couple of weeks makes. Our last update indicated Growth Capital was “Business as Usual”, approving, closing, and funding new SBA 504 and Community Advantage loans for small businesses in our communities. So what are we doing now at Growth Capital?
Well, it may not be “Business as Usual” but it is our “Usual Business”, making loans.
Growth Capital, with the unanimous support of our Board of Directors, aggressively entered SBA Paycheck Protection Program (PPP) lending, quickly figuring everything out in a very fluid and fast-changing environment. It took some time but we figured it out and approved our first PPP loan just two weeks ago and since, through an innovative partnership with our friends at Fifth Third Bank, have closed on millions of dollars of PPP loans. Our average size PPP loan is about $67,000 and reflects our ability to assist the truly small businesses that employ our friends and neighbors. This is having a small but important impact.
Another important impact; SBA has exhausted lending authority for PPP loans. While Growth Capital was able to process and approve upwards of 100 such PPP loan requests submitted in the last few weeks there are still several hundred more in waiting. Congressional legislation is pending to expand PPP lending and while we certainly hope this happens imminently, the sheer demand of these loans all across the country will surely exhaust any next round of funding in very short order.
I sincerely ask for the patience and understanding of our borrowers and applicants at this extraordinary time of uncertainty. There will undoubtedly be many eligible small businesses that will be unable to obtain a PPP loan and this is indeed unfortunate but understandable in the current environment.
If you have been able to close your PPP loan with Growth Capital we appreciate the opportunity to assist and support the paychecks for your employees. If you have been approved for a PPP loan with Growth Capital and it has not yet funded, hang in there, we’re closing loans as fast as we possibly can and if you still have an application pending please know that, while we cannot make any promises, we will do all we can to assist every small business that seeks our help.
Wishing everyone All the BEST,