PPP Loans Totaling $208 Million Funded by Enterprise Bank in Third Round

As an authorized lender for the Small Business Administration Paycheck Protection Program (SBA PPP) under the CARES Act Stimulus Program, Enterprise Bank funded 1,386 loans totaling approximately $208 million in the third round of PPP lending, which ran from January 19 until funds were exhausted on May 4. The average loan size processed in the third round was $150,000 and the median loan amount was $62,000.

SBA PPP loans were designed to provide a direct incentive for small businesses to keep their workers on the payroll during the COVID-19 pandemic.

Throughout the duration of the PPP program, Enterprise Bank funded 4,149 loans totaling $717 Million, and ranked as one of the highest volume PPP lenders in the region for its size. CEO Jack Clancy said, “We are pleased to be able to help so many small businesses and non-profits in our community.  Each approved loan we processed represents an organization we were able to help weather this crisis and provide pay to their employees who can then provide for their families.”

With the third round of PPP funding closed; focus has shifted to the loan forgiveness process. Thus far, Enterprise Bank has facilitated the forgiveness process for 2,464 loans, primarily from the first two funding rounds. These loans represent 88.74% of the total loans in those first two rounds.