Synovus Announces Paycheck Protection Program Lending Results
Thursday, May 7th, 2020
Synovus Bank announced it has processed and approved approximately 18,000 Paycheck Protection Program (PPP) loans totaling $2.9 billion as of May 5. The bank processed approximately 8,300 loans totaling $2 billion from April 3 to April 16, when the first round of funding was exhausted, and processed approximately 9,800 loans totaling $900 million beginning April 27, following the restoration of PPP funding. The funding provided by Synovus through PPP will support businesses that employ more than 335,000 individuals across the bank’s five-state footprint.
“Small businesses are the foundation of the U.S. economy and Synovus is proud to have served so many customers and communities through our participation in the Paycheck Protection Program,” said Kessel D. Stelling, Synovus chairman and CEO. “Even before the official launch of PPP on April 3, hundreds of Synovus team members began working diligently, proactively communicating with customers early and often to ensure timely documentation, processing, underwriting, and funding of PPP applications. Their dedication — especially considering the constraints imposed by the healthcare crisis — is a wonderful demonstration of Synovus’ relationship-based approach to banking. We are grateful for the opportunity to stand with and support our small business customers, and for their essential role in the communities we serve together.”
70 percent of Synovus’ PPP loans were for $100,000 or less and 35 percent of loans were less than $25,000. Statewide totals are as follows:
Georgia — 7,918 loans averaging $148,754, totaling $1.18 billion, and associated with 151,860 jobs;
Florida — 5,059 loans averaging $150,774, totaling $762 million, and associated with 88,450 jobs;
Alabama — 2,305 loans averaging $175,939, totaling $465 million, and associated with 43,900 jobs;
South Carolina — 2,190 loans averaging $174,373, totaling $382 million, and associated with 46,175 jobs;
Tennessee — 383 loans averaging $156,352, totaling $60 million, and associated with 6,680 jobs.
The Paycheck Protection Program was created by the CARES Act, which authorized $659 billion for loans under the SBA Section 7(a) guaranteed lending program for job retention and certain other expenses for small businesses, nonprofits, and veterans’ organizations.