SAN JUAN, Puerto Rico & NEW YORK--(BUSINESS WIRE)--Popular, Inc., (Nasdaq: BPOP), today announced that, upon completion of the second round of the Paycheck Protection Program (PPP) on May 31, 2021, it had processed nearly 50,000 loans, originating $2.1 billion in both rounds of the program.
Popular indicated that, in the second PPP round, which began on January 19, the company processed approximately 20,500 loans totaling $673 million throughout its footprint in Puerto Rico, the United States, and the U.S. Virgin Islands. Popular’s average loan size was $32,800 compared to the national average of $42,000. In Puerto Rico, the average loan was $29,000. The businesses that benefitted from these PPP loans employ approximately 136,000 people across many industries including food and lodging (28%), retail (12%), health and social assistance (12%), and professional services (8%).
“Our engagement in this program reflects our commitment to promote the well-being of the communities we serve and allowed us to support tens of thousands of small and medium-sized businesses in times of great economic hardship caused by the pandemic. We are grateful for their trust and for our colleagues’ efforts during this historic time which allowed us to provide essential assistance to so many customers. A hundred percent of loan requests in the second round were processed through our portal, enabling us to originate, review for approval and disburse these loans digitally,” said Ignacio Álvarez, President and CEO of Popular.
Popular was the main bank in Puerto Rico in terms of loans processed in both PPP rounds, with a total of $1.7 billion or 62% of the total loans originated on the island.
The PPP loan program was created by the Coronavirus Aid, Relief, and Economic Security Act, (CARES Act), a federal legislation designed to help individuals and businesses affected by the coronavirus pandemic.
About Popular, Inc.
Popular, Inc. is the leading financial institution by both assets and deposits in Puerto Rico and ranks among the top 50 U.S. bank holding companies by assets. Founded in 1893, Banco Popular de Puerto Rico, Popular’s principal subsidiary, provides retail, mortgage and commercial banking services in Puerto Rico and the U.S. Virgin Islands. Popular also offers in Puerto Rico auto and equipment leasing and financing, investment banking, broker-dealer and insurance services through specialized subsidiaries. In the mainland United States, Popular provides retail, mortgage and commercial banking services through its New York-chartered banking subsidiary, Popular Bank, which has branches located in New York, New Jersey and Florida.