Local bank processes more than $288 million in SBA applications in 48 hours

Posted: Apr 29, 2020 / 04:03 PM MDT

Updated: Apr 29, 2020 / 04:03 PM MDT

RICHMOND, Va. (WAVY) – Atlantic Union Bank announced on Wednesday that it has processed 3,231 additional SBA applications since Monday as part of the second round of the SBA’s Paycheck Protection Program.

The Richmond headquartered bank said that the total amount is about $288,917,484 since April 27 when the second round of funding opened. By the end of today, it is possible that the bank will have “secured SBA PPP funding for more than 10,000 applications totaling approximately $1.7 billion for round one and two of funding thus far,” according to bank officials.

The fast turnaround is a result of the bank’s staff working diligently while using updated technology to process these loans. The loans come from both manual and automatic applications which has worked as a benefit allowing for more applications to get processed faster.

Atlantic Union Bank is also accepting new client applications for the second round of Paycheck Protection Program funding to allow those who missed the first round, the opportunity to secure funding.

“We are tirelessly working around the clock to ensure our clients are receiving the money they need, as well as opening up the loan applications for new clients who missed the opportunity during the first round of lending,” said John Asbury, CEO and President of Atlantic Union Bankshares. “We were able to process applications quickly on this second round for a few different reasons.”

He continued, “First, our employees have been extremely dedicated and our team developed, learned and continued to perfect a new technology system in record time. We also never stopped taking applications after round one closed, because we were hopeful a second round of funding would occur. While there were some challenges with the SBA technology on Monday, we quickly adjusted our approach to working with the SBA, remained dedicated and pushed through to keep the process in order to secure funding for every possible client.”

Atlantic Union Bank has 149 branches and about 170 ATMs located throughout Virginia, Maryland, and North Carolina. In 1902, the bank was founded in a small rural county in Virginia and is now recognized as a banking industry leader with the largest regional bank headquartered in Richmond. The bank has won a 2019 J.D. Power Award and was named by Forbes Magazine as a 2019 Best Bank in Virginia.

For more information visit AtlanticUnionBank.com.