“In normal times, this would be a multi-month process to roll this out,” Capeloto mentioned. “There’d be guidance, procedures, all this stuff — but in this scenario, they needed to get the money out as quickly as possible.”
Lots of of loans
Riverview processed greater than 650 loans in a 10-day interval when this system rolled out, Capeloto mentioned, at a complete value of barely greater than $108 million. The applicant companies got here from nearly each business, he mentioned, though the restaurant business stood out as a supply of candidates.
Steve Kenny, president and CEO of Vancouver-based Columbia Credit score Union, mentioned his establishment obtained 532 loan inquiries within the first few days, producing 337 purposes. Columbia was in a position to get 215 of these accredited earlier than the funding ran out, for a value of about $26 million.
The scale of the loans various primarily based on the applicant enterprise, however Capeloto mentioned 430 of the Riverview loans have been for lower than $100,000, sometimes going to small native companies. The typical loan measurement at Columbia was $172,000 as of Saturday, Kenny mentioned.
The race to submit purposes continued proper up till the Paycheck Safety Program’s preliminary $349 billion funding pot ran out on April 16, lower than two weeks after this system debuted. Capeloto and Kenny each described staff working late into the night time within the ultimate days earlier than the cutoff — though no person knew precisely when the cutoff would come.