Last year, the SBA approved 58,000 loans in its two main loan programs, for a combined $28 billion in small business credit. That’s 232 loan approvals per day, accounting for weekends and holidays.
From April 3-13 of this year, by contrast, the SBA approved 1,035,086 loans under its Paycheck Protection Program. That’s 103,508 loans per day, assuming SBA employees worked through the weekend.
That’s a 44,516% increase.
To take this one step further, the SBA had 3,943 employees at the end of 2019. Let’s say half of those, or 2,000, are directly involved in the approval process, as opposed to providing logistic and administrative support. That’s 52 loans per employee per day.
How did Pinnacle Financial Partners
perform in this crisis?
Pinnacle took nearly 12,000 applications in 12 days, worth a total of $2.3 billion in loan requests. They processed, got approval and funded $1.8 billion of that.
To put that in context, the entire bank holds $19 billion in loans. It took them 20 years to get there. They were tasked with growing it by 12 percent in just 12 days, and they succeeded in growing it 10 percent.
There is $19.5 trillion in commercial banking assets in the US and Pinnacle Financial Partners has $26.4 billion of those, or 0.0014% Given that there was $349 billion in PPP allocations, getting $1.75 billion would be 0.0050% or 3.6 times the prorata share.