National Bank of Arizona has announced today that it has processed and obtained approval on over 5,000 Paycheck Protection Program (PPP) loans totaling just over $730 million, as of May 21.
“The Paycheck Protection Program provided tremendous assistance to many businesses and families in our state,” said Mark Young, CEO and president of National Bank of Arizona. “The team at National Bank of Arizona was proud to provide access to the Small Business Administration’s PPP for Arizona businesses.”
“It has been frequently said that we are all in this together, and I certainly want to thank our customers for having the confidence to trust us to help them, and our associates for the great skill and effort they exhibited in this time crisis,” Young continued.
National Bank of Arizona was able to help small businesses in nearly 170 cities and municipalities across Arizona, from as far south as Yuma and Nogales, to as far north as Page and Kayenta. This funding will help protect paychecks for over 60,000 Arizona workers, based on applicant data.
“Ana [of National Bank of Arizona] worked tirelessly on my behalf to secure funding,” said Dr. David Spalding of David Spalding DDS in Tucson, AZ. “Although we didn’t make the first round of funding, we did make it in the second round, which in retrospect, was a blessing because it extended payroll help while the economy is getting started.”
“She is an example of the type of hero we need in these times, quietly working behind the scenes to help out during a crisis,” Dr. Spalding continued. “It saved my business.”
More than 72% of loans approved were for amounts less than $100,000 and more than 70% of all loans were made to businesses with 10 employees or fewer. The median loan size of the loans processed by National Bank of Arizona was $40,000. Furthermore, loans were approved for over 300 nonprofit and 501(c)(3) organizations like House of Refuge in Mesa, AZ.
“House of Refuge provides transitional housing and wrap-around social services to Arizona families that are experiencing homelessness,” said Nancy Marion, executive director of House of Refuge. “As a nonprofit, we knew that the PPP/Small Business Loan was necessary for us to continue to meet the needs of the families who depend on us day in and day out. We reached out to several financial institutions to assist us with the PPP/Small Business Loan and National Bank of Arizona was the first to reach back out and assist our organization.”
“They exceeded all of our expectations, working over the weekend to ensure that our application would be considered by the SBA,” Marion added.
National Bank of Arizona will continue processing PPP applications until the more than $100 billion in remaining PPP funds are exhausted. As of Friday, May 8, the Small Business Administration had approved $189 billion of the $310 billion made available in Round 2 funding. Small businesses, independent contractors, self-employed individuals or non-profits that qualify and have not yet applied for a loan through this program can visit nbaz.com/cares to begin the application process.
“When a client needs to speak to someone, we are ready to answer the call,” Young said. “This is a distinct difference in how we provide value to customers, with exceptional engagement through our 56-branch network, skilled bankers, digital platform, and customer care centers.”