FACT FINDERS: Small Business Administration says its approved $3B in loans in Arizona

FACT FINDERS: Small Business Administration says its approved $3B in loans in Arizona
KOLD Fact Finders (Source: KOLD News 13)

TUCSON, Ariz. (KOLD News 13) - On Wednesday, the Small Business Administration released its Paycheck Protection Program Report.

According to this report, as of April 13, the SBA has approved more than one million loans nationwide for a total gross dollar value of $247.5 billion.

These loans were sourced across 4,664 lenders.

In Arizona, the SBA said it has approved 10,898 loans for a total of $3,524,770,207.

SBA States and territories approvals through April 13
SBA States and territories approvals through April 13 (Source: Small Business Administration)

The SBA said the average loan size is $239,152.

SBA loan approvals through April 13, 2020
SBA loan approvals through April 13, 2020 (Source: Small Business Administration)

Nationwide, the majority of the funding through these approved loans has gone to the construction subsector at just under $34 billion, representing 13.7% of the total to-date tally.

SBA Industry by NAICS Subsector
SBA Industry by NAICS Subsector (Source: Small Business Administration)

The PPP is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.

The SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage, interest, or utilities.

You can apply through any existing SBA 7(a) lender or through any federally depository institution, federally insured credit union, and Farm Credit System institution that is participating.

Find more information and learn how to apply, here.

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