FAYETTEVILLE, Ark. – Arvest Bank is pleased to share that, via the U.S. Small Business Administration’s (SBA) Paycheck Protection Program, it has gained approval for 9,705 small business loans totaling more than $1.05 billion.
“As an SBA Preferred Lender, we are well-acquainted with the weight small businesses carry in every community we serve,” Arvest president and CEO Kevin Sabin said. “I’m not sure it’s possible to overstate the role they play, and that is why we decided to begin taking applications as soon as we were given the green light by the SBA.”
Arvest assembled dedicated teams from across the company to work with small business owners around-the-clock to process applications.
Businesses of all sizes were included in the Arvest loan process, the vast majority of them being smaller businesses. Of the 9,705 loans that were processed and approved, 46 percent were for $25,000 or less, and 66 percent were for $50,000 or less. The average approved loan amount was $109,000.
“We are especially proud to have served so many small businesses because we believe that reflects who we are as a bank and the role we try to play in all the places we live, work and play,” Sabin said.
Arvest stopped taking new applications two days before the SBA’s submission portal closed on April 16 in an effort to focus on the processing the applications it had at that point. And while Arvest was not able to submit some of those applications before program funds were exhausted, its focus has been to continue working on those applications and ensure they are ready to submit once new funds are available and the submission portal is reopened. A second round of funding may be soon available, if approved by Congress. However, Arvest will not accept new applications to its queue until current applicants have been taken care of.
