SEATTLE--(BUSINESS WIRE)--Washington Federal Bank, National Association, operating as WaFd Bank, today announced it is providing funding through the CARES Act Paycheck Protection Program at an unprecedented pace. The bank has accepted more than 5,000 requests for these SBA loans designed to keep small businesses viable and their employees paid. As of Tuesday, April 14, 2020, WaFd Bank has approved over $480 million in Paycheck Protection Loans with another $195 million in the application process. WaFd is accepting applications from both current and new clients to the bank.
President and CEO Brent Beardall commented, “Our staff has committed to working nearly around the clock to help sustain these companies through the economic devastation brought on by COVID-19. I’m proud of our team’s commitment to help fund the needs of both clients and non-clients to get them through this public health emergency. This is what relationship banking is all about, being there in the time of need for neighbors.”
In addition to disbursing this wave of SBA loans, WaFd Bank offered its own Small Business Lifeline to nearly 1,000 small businesses in the weeks before the Federal stimulus package was announced. These lines of credit were available up to $200,000 and were interest-free for the first 90 days. WaFd Bank also put in place the COVID-19 Homeowners Assistance Program to defer mortgage payments for its clients for up to three months at no cost and is also offering a quick refinance program so borrowers can lower their interest and principal payments.
“We will continue to create relief options for our clients as we progress through this national emergency and the resulting unprecedented financial disruption. We believe the banking industry is well-capitalized and positioned to be instrumental in rebuilding our economy,” said Beardall.
Washington Federal Bank (Nasdaq: WAFD), a national bank with headquarters in Seattle, Washington, has 234 branches in eight western states and does business as WaFd Bank. To find out more about WaFd Bank, please visit our website www.wafdbank.com. WaFd Bank uses its website to distribute financial and other material information about the Company.