First Choice Bancorp Announces Over $150 Million in New Loan Fundings Under the Expanded Paycheck Protection Program
CERRITOS, CALIFORNIA, Feb. 26, 2021 (GLOBE NEWSWIRE) -- (Nasdaq Capital Markets: FCBP) - First Choice Bancorp, the holding company for First Choice Bank (the “Bank” or “First Choice”), announced today that since January 1, 2021, First Choice has originated $150.7 million in loans as part of its continuing participation in the latest rounds of the SBA’s Paycheck Protection Program (“PPP” or “Program”). "We are pleased to continue helping local businesses through the use of government assistance lending programs to weather the current economic hardships resulting from the ongoing pandemic," stated Peter Hui, Chairman of the Board. Robert Franko, President and Chief Executive Officer, added, "During the initial launch of PPP in 2020, we originated more than 1,875 loans totaling $400 million, helping businesses stay afloat and pay their employees. Thus far, with the additional rounds of PPP in 2021, including First and Second Draw loans beginning in January 2021, we have originated $150.7 million in loans, leveraging technology and our past experience with the Program to get our borrowers the needed funding as quickly as possible.
First Choice Bancorp Announces Over $150 Million in New Loan Fundings Under the Expanded Paycheck Protection Program
CERRITOS, CALIFORNIA, Feb. 26, 2021 (GLOBE NEWSWIRE) -- (Nasdaq Capital Markets: FCBP) - First Choice Bancorp, the holding company for First Choice Bank (the “Bank” or “First Choice”), announced today that since January 1, 2021, First Choice has originated $150.7 million in loans as part of its continuing participation in the latest rounds of the SBA’s Paycheck Protection Program (“PPP” or “Program”). "We are pleased to continue helping local businesses through the use of government assistance lending programs to weather the current economic hardships resulting from the ongoing pandemic," stated Peter Hui, Chairman of the Board. Robert Franko, President and Chief Executive Officer, added, "During the initial launch of PPP in 2020, we originated more than 1,875 loans totaling $400 million, helping businesses stay afloat and pay their employees. Thus far, with the additional rounds of PPP in 2021, including First and Second Draw loans beginning in January 2021, we have originated $150.7 million in loans, leveraging technology and our past experience with the Program to get our borrowers the needed funding as quickly as possible.