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News Release
Umpqua Bank's Portland Small Business Impact: $405 million, 45,000 Jobs, 2,300+ Businesses - 05/21/20

Nearly 45,000 workers in the four-county Portland metro area will be able to return to their jobs or keep working, thanks to the more than $405.3 million worth of federal Paycheck Protection Program (PPP) financial relief applications submitted by Umpqua Bank on behalf of about 2,370 local small business owners.

The PPP loans that went to business owners in Clackamas, Multnomah and Washington County, Ore., along with those in Clark County, Wash., are part of the more than $800 million Umpqua Bank processed for its customers in Oregon and S.W. Washington.

“Small businesses are the lifeblood of our economy. Helping them navigate and survive the pandemic has been one of Umpqua’s highest priorities the past several weeks,” said Umpqua President & CEO Cort O’Haver. “We will continue to do all we can to help our customers and communities get through this challenging time.”

Umpqua was one of the first banks in the country ready to accept small business applications when the Small Business Administration launched the Paycheck Protection Program on April 3. The bank successfully processed nearly 14,000 loans worth an estimated $2 billion that helped businesses in five states save 240,000 local jobs in communities.

For context, Umpqua might fund roughly $140 million in SBA funding on average in an entire year.

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