FORT MYERS, Fla. (May 28, 2020) – Sanibel Captiva Community Bank has processed more than 700 loans totaling $70 million dollars under the Small Business Administration’s Paycheck Protection Program to help local small businesses, nonprofit organizations and independent contractors support payroll and related costs, saving thousands of jobs in Southwest Florida.
The PPP, which was originally launched on April 3 to address economic challenges caused by the COVID-19 pandemic, provides forgivable, government-guaranteed loans for the nation’s small businesses. According to the SBA, approximately 48% of the U.S. workforce are small business employees.
“As relationship bankers and dedicated members of this community, we are doing everything we can to protect the vibrancy of our small businesses, which serve as the economic engines for our local economy,” said Kyle DeCicco, Sanibel Captiva Community Bank’s senior vice president and senior loan officer. “I’m so proud of our team, who have worked around the clock to process these loans and ensure that critical funds were made available to those who needed it most. We will continue processing applications until all remaining PPP funds are taken.”
The average loan amount Sanibel Captiva Community Bank processed was just under $100,000. Loan amounts ranged from as low as $500 to more than $3.7 million. Those funds helped keep 9,078 people employed in Southwest Florida.
“Regardless of the loan size, each loan we processed was equally meaningful to us,” said DeCicco. “Most importantly, we care about the customer receiving the loan and the employees they’re supporting with paychecks.”
According to the Greater Fort Myers Chamber of Commerce, approximately 80% of businesses in Lee County are small businesses and more than 70% have less than 25 employees.