Tampa-based Suncoast Credit Union’s average Paycheck Protection Program loan amount was $25,000.
TAMPA — Suncoast Credit Union has been busier than ever during the coronavirus pandemic, opening three new branches and funding more than 1,900 Paycheck Protection Program loans, totaling $49.5 million.
According to a press release, the majority of the Tampa-based lender’s PPP loans were made to small businesses. Its average loan size, as of June 30, was $25,000, while the national average was $49,487.
Suncoast’s smallest PPP loan was less than $1,000, while its largest was $867,000, the release states. Some 26% of all loans issued were less than $10,000.
“Small businesses have fueled our economy and now more than ever need our assistance in providing resources, capital and guidance to help them weather this unanticipated economic storm,” states Melva McKay-Bass, Suncoast’s senior vice president of business development, in the release. “I am so pleased that we were able to help so many of our businesses that serve our communities where we live, work and play.”
Small businesses encompass 47% of private-sector payrolls in the United States, according to the Small Business and Entrepreneurship Council.
“I am proud of the fact that our average loan size is approximately $25,000,” Suncoast President and CEO Kevin Johnson states in the release. “We believe in the strength of small business because we understand the lifeblood of our economy thrives there. Through a PPP loan, small businesses are able to remain solvent, keep their team members employed and hopefully, survive this unprecedented time in our history.”
Suncoast, with $11.95 billion in total assets and locations in 39 Florida counties, has also been expanding during the pandemic, opening branches in Wildwood, Bradenton and Port Charlotte.