IRVINE, Calif.--(BUSINESS WIRE)--Crestmont Capital (Crestmont), a leader in small business lending, today announced it facilitated more than $740 million in first and second draw Paycheck Protection Program (PPP) loans. These results, which reflect the most recent round of government-allocated PPP funding, provided over 10,000 small businesses impacted by the COVID-19 pandemic with vital financing.
Crestmont’s team of experienced consultants worked tirelessly to provide both First Draw and Second Draw PPP loans to eligible small businesses. A total of $380 million was funded in the form of First Draw loans and a total of $360 million was funded in the form of Second Draw loans. Crestmont’s average loan size was $74,200 compared to the national average of $42,000. These results far outperformed many larger financial institutions.
PPP lending in 2021 was a much different process than in 2020. Crestmont’s PPP team had more time to prepare but also faced more complications and greater scrutiny in the SBA review process. It took a full-time, dedicated effort from dozens of associates and partners in advising clients with their PPP applications. Crestmont was also able to help hundreds of small businesses in low and moderate-income areas through its outreach efforts aimed at supporting all businesses in need. With lending now closed, the SBA appears to be processing and approving forgiveness applications at a faster rate. Crestmont is encouraging first round PPP borrowers to apply for forgiveness now before deadlines start hitting in the summer.
“I strongly believe that the Paycheck Protection Program is one of the most effective uses of government stimulus I have ever seen. Local businesses needed help, and this injection of funding helped millions of them survive. We join everyone in hoping that we are seeing the light at the end of this tunnel. In the meantime, we will continue to work to provide those who are eligible for alternative financing with increased peace of mind,” said Gregory Keleshian, CEO of Crestmont Capital.
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.