ARKANSAS, USA — While many financial institutions distributed Paycheck Protection Program (PPP) loans to businesses affected by the COVID-19 pandemic, some lenders originated more loans on the national and local level. Bank of America, for example, accounted for roughly 7% of the 4.8 million PPP loans in the U.S., more than any other lender nationwide.
In a new study, financial technology company SmartAsset analyzed data from the U.S. Small Business Administration (SBA) to identify the most popular PPP loan lender in each state. The company then ranked states by the percentage of PPP loans that were originated by the most popular lender.
Arkansas cracked the top 10 states. Arvest Bank, its most popular lender, accounts for 15.44% of the state’s total PPP loans. The percentage is figured by the number of PPP loans originated between April 3 and June 30 by the most popular PPP loan lender in the state divided by the number of PPP loans originated by all lenders in the state.
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