FORT MYERS, Fla. (April 16, 2021) – Sanibel Captiva Community Bankhas processed more than 1,100 loans totaling just over $109 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 tens of thousands of jobs in Southwest Florida.
The PPP, which was originally launched in April 2020 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 41.7% of Florida’s workforce are small business employees.
In the first round of the program, the bank processed 766 loans for nearly $70 million dollars. In the current round, almost 350 additional loans have been secured for an additional $37 million dollars.
“As a community bank we combine traditional bank functions with the added benefit of practicing relationship banking which allows us to excel at supporting the Southwest Florida business community,” said Kyle DeCicco, Sanibel Captiva Community Bank’s executive vice president and senior loan officer. “I continue to be so proud of our team, who have worked hard for an entire year to process these loans ensuring essential funds are made to Southwest Florida businesses.”
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.