San Diego, Calif., May 11, 2020 – Bank of Southern California, N.A. (OTC Pink: BCAL), a community business bank headquartered in San Diego, announced today that it has funded more than $487.8 million in Paycheck Protection Program (PPP) loans. These results, as of 9:30 PM PDT on May 7, 2020, provided 1,940 local businesses affected by the Coronavirus (COVID-19) with critical financing to retain or restore jobs for 51,523 individuals.
The Paycheck Protection Program provides small businesses with financial resources to maintain their payroll, hire back employees who may have been laid off, and cover applicable overhead. As an SBA Preferred Lender, Bank of Southern California felt a fundamental responsibility to support the business community and offered PPP loans to both customers and non-customers. Through this approach, the Bank was able to help even more businesses obtain funding, resulting in many new banking relationships.
Nathan Rogge, President and CEO of Bank of Southern California said, “Our employees continue to demonstrate their commitment and dedication to the business community—working around the clock to deliver for those in need. I am proud of the impact Bank of Southern California has made in providing vital funds to support small businesses and our local communities. As we look to the future, we will continue to build upon these new relationships and provide long-term value for our clients.”
Bank of Southern California is still accepting PPP loan applications for Southern Californian businesses. To apply, visit us online at https://www.banksocal.com.