LONG BEACH, Calif .– (BUSINESS WIRE) – The American Lending Center (ALC) strongly endorses President Biden’s signing of the 2021 Paycheck Protection Program (PPP) Extension Act into law on March 30, extending the current deadline for loans PPP from March 31 to May 31. as a significant relief for current and future applicants across the country, as recent rule changes had created arrears and delayed loans to many small business owners.
“At the American Lending Center, we were excited to hear about the extension – we have seen our P3 loans have a profound impact on underserved communities from coast to coast,” said John Shen, CEO of ALC. “The big banks are not always ready to guide the small businesses in our country. By providing multilingual customer service, assigning each applicant a loan officer to help guide the process, and working around the clock to clear our backlog, we are constantly optimizing our process so that we remain ready and able to take on new ones. customers who need it. these essential funds. ”
In 2021, 70.35% of ALC PPP borrowers receive PPP loans for the first time. “Compared to the national average of 39.71%, ALC figures show that the company is one of the few PPP lenders to reach and finance local businesses left behind by big banks, small businesses. underserved or underbanked neglected by other lenders, ”said Scott Wagner, economist at ALC.
In the first quarter of 2021 alone, SLA obtained 7,232 approved loans, with an average loan size of $ 36,000 for a total amount of $ 259.73 million. ALC has made PPP loans in all 50 states, the US Virgin Islands and Puerto Rico, with the majority of recipient businesses being owned by minorities or women. As a non-traditional community lender, ALC has been able to provide extensive, one-on-one customer service and put money quickly in the pockets of largely overlooked business owners.
About the American Lending Center
American Lending Center (ALC) is a licensed non-bank lender that has provided more than $ 500 million to US businesses and created nearly 40,000 full-time jobs in the United States. ALC is a Treasury and SBA approved PPP lender that supports qualified borrowers nationwide.
To learn more about obtaining a PPP loan, apply online or call (562) 449-0139 speak directly with an ALC expert.