Freedom Bank Successfully Submits 100% of All Client and Prospect PPP Applications
Fairfax, VA (April 29, 2020) - The Freedom Bank of Virginia (OTCQX: FDVA) announced today that it successfully submitted to the Small Business Administration over 415 applications totaling $105 million in Paycheck Protection Program (PPP) loans, with over 170 of them representing new client relationships. Despite numerous issues, including significant difficulties accessing the Small Business Administration (SBA) E-Tran system, Freedom Bank was able to submit all applications to the SBA to ensure clients and prospects obtain funding for their businesses during this period of unprecedented economic disruption.
Under the initial PPP, Freedom Bank funded 139 loans totaling $61 million for our clients and prospects out of the total applications that we received before funds ran out, processing all applications manually. Upon reauthorization of the PPP, the Bank had launched an online application system on its website and a secure portal to take applications from customers and prospects. Since Monday, Freedom processed an additional 279 applications totaling $44 million. This represented 100% of those applicants that had submitted the requisite support for bank approval and SBA authorization.
President & CEO, Joseph J. Thomas, said “I am thrilled with Freedom Bank’s success in serving our current clients and welcoming scores of new clients who were unable to secure the vital PPP proceeds from their incumbent bank. Our team at Freedom worked around-the-clock to provide valuable assistance to the small businesses in our community, many of whom are counting on these funds to survive. We have proven ourselves to be responsive to our clients’ needs, disciplined in our underwriting process, and innovative in finding technology solutions. These attributes make us a great financial partner businesses can rely on in good times and bad. We look forward to continuing to put our IDEAS to work for small businesses across the region.”
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