Umpqua Bank
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News Release
Umpqua Bank's Seattle Small Business Impact: $220 Million, 21,000 Jobs, 1,500+ Businesses - 05/21/20

More than 21,0000 workers in the Seattle metro area will be able to return to their jobs or keep working, thanks to the $220 million worth of federal Paycheck Protection Program (PPP) financial relief applications submitted by Umpqua Bank on behalf of more than 1,500 local small business owners.

The PPP loans that went to business owners in the counties of King, Pierce, and Snohomish are part of the $450 million total Umpqua Bank processed for more than 3,000 businesses in Washington, supporting nearly 50,000 jobs.

“Small businesses are the lifeblood of our economy and 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 has successfully processed nearly 14,000 loans worth an estimated $2 billion that helped businesses save 240,000 local jobs.

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

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