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OKC ranked first for PPP approval rate, disbursements
Oklahoma City-area businesses were quick to take advantage of federal funding relief from the Small Business Association (SBA) through the Paycheck Protection Program (PPP), according to data released by SmartAsset.
SmartAsset is a personal finance technology company headquartered in New York City. The company uses financial modeling to provide advice on major financial decisions, credit monitoring and credit scores.
At the time of the analysis, Oklahoma City ranked No. 1 in the nation for both loan approvals (78%) and loan disbursements (64%). Kansas City was second in both categories with a 77% acceptance rate and with 51% who have already received funds. In comparison, San Jose, Calif. ranks near the bottom with 17% of loans distributed.
The company used data from the Census Bureau’s new Small Business Pulse Survey for small businesses for the week spanning April 26 to May 2. Plans are to update the data each week as data becomes available.
SmartAsset’s report was done by calculating PPP loan acceptance rates by dividing the percentage of businesses that received a PPP loan by the percentage of businesses that applied for a loan.
"I think these rankings say volumes about the dedication of our regional banking community to assist our local companies through the process of applying for and processing PPP loans,” said Jeff Seymour OKC Chamber vice president for economic development. “We know many local teams were burning the midnight oil helping companies complete applications, and these numbers reflect how that dedication paid off. We can't thank these partners enough for their willingness to support our business community through this crisis.”
Read the full story on VeloCityOKC.com.