Message from the KBA
PPP Second Round
05/03/2020The attached numbers from the Small Business Administration are on the second tranche of money only. In total so far (both tranches), Kentucky is well over the $5 Billion mark with over 42,000 loans made in our communities. The average size of loan in the first tranche was $206K and the average size in the second tranche, so far, is $79K. There is still money available in this tranche for business much to the surprise of everyone involved.
It is clear, to me at least, that the banks have penetrated their communities small business’ extremely well and the number of request and outflow of cash is slowing down due to that penetration. There has been a total of a little over 3.8 million loans made nationwide so far.
KYs population as a % of U.S. is around 1.2%. Our loan totals have kept very close pace with that number at 1.12%
"Have a blessed Sunday.”
President & Chief Executive Officer