Business & Tech
Elgin Area Chamber Of Commerce: New Portal Will Streamline Applications For Loans $150K Or Less For Over 6.5 Million Businesses
See the latest announcement from the Elgin Area Chamber of Commerce.
July 28, 2021
- Overall, the SBA and lenders have worked to originate over 11.7 million loans totaling nearly $800 billion in relief to over 8.5 million small businesses.
- SBA approved over 6.5M loans totaling over $275B
- The average loan size was ~$42 thousand (compared to $101 thousand in 2020)
- 96% of loans went to businesses with fewer than 20 employees (compared to just 87% in 2020.)
- 32% of loans went to businesses in LMI communities (compared to just 24% in 2020)
- Over 600 banks have opted in to direct forgiveness, enabling over 2.17mm borrowers to apply through the portal (This represents 30% of loans $150,000 or less that have not yet submitted for forgiveness)
This press release was produced by the Elgin Area Chamber of Commerce. The views expressed here are the author’s own.
