Crestmont Capital Has Facilitated $380 Million in PPP Loans

IRVINE, Calif.--(BUSINESS WIRE)--Crestmont Capital, a leader in small business lending, today announced it facilitated more than $380 million in Paycheck Protection Program (PPP) loans. Since initiating PPP applications on April 6, 2020, Crestmont Capital has provided access to a financial lifeline to more than 10,000 small businesses nationally.

Crestmont Capital was one of the first lenders in the country to offer loans via the PPP to all small businesses, without requiring preexisting relationships. As a result, the demand for stimulus funds was massive, and overall Crestmont Capital received more than 25,000 applications totaling aggregate demand for more than $1 billion in new loans. Over 90% of the PPP borrowers had never received a loan through Crestmont Capital, thus enabling the company to expand its national reach and serve new businesses

Gregory Keleshian, Chief Executive Officer, said, “Due to the depth and breadth of experience of our lending teams and the technological efficiencies in our lending platform, we were able to quickly reposition and adapt our business model to successfully participate in the PPP. We knew that as our borrowers and their communities were facing deep economic uncertainty, we could play a significant role in disbursing stimulus funds. The program was highly complex, yet our team made an exhausting effort to achieve the goal of supporting America’s businesses and ultimately, we were able to assist in delivering much needed PPP funds to businesses.”

Crestmont Capital has resumed all lending operations during the month of August after a pause in certain products to assess the potential impact of the coronavirus. Origination volumes are expected to reflect and increase to a level that is comparable to the same period of the previous year. Over 55% of the business loans by dollar volume that were modified due to hardship from the pandemic have resumed payments, which bodes well for the second half of the year.

About Crestmont Capital

Crestmont Capital’s portfolio of loan products and advisory services offers small businesses resources well beyond those offered by traditional banks. The financial analysts and consultants who make up the lending divisions of Crestmont Capital have assisted in facilitating the capital requirements for tens of thousands of small businesses.

For more information about Crestmont Capital, visit www.crestmontcapital.com.