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n e w h a v e n b i z . c o m | F e b r u a r y 2 0 2 1 | n e w h a v e n B I Z 13 Top PPP lenders in Connecticut Ranked by total number of PPP loans to Connecticut businesses as of August 8, 2020 Top PPP lenders in Connecticut (Ranked by total number of PPP loans to Connecticut businesses as of August 8, 2020) Rank Lender PPP Loans Total PPP Loans under $150K PPP Loans $150K - $1 million PPP Loans $1million - $10 million 1 People's United Bank Bridgeport 9,074 7,808 1,092 174 2 Webster Bank Waterbury 8,377 7,173 1,074 130 3 Bank of America Hartford 6,464 5,757 609 98 4 TD Bank Glastonbury 3,744 3,303 395 46 5 Liberty Bank Middletown 3,558 3,161 359 38 6 JP Morgan Chase Bank Greenwich 2,356 1,988 330 38 7 Citizens Bank New London 2,070 1,776 241 53 8 KeyBank New Haven 1,894 1,518 329 47 9 ion Bank Naugatuck 1,664 1,418 217 29 10 Wells Fargo Bank, NA New Haven 1,544 1,447 92 5 11 Celtic Bank Corp. Salt Lake City, UT 1,308 1,275 31 2 12 Thomaston Savings Bank Thomaston 1,112 920 172 20 13 First County Bank Stamford 1,091 905 169 17 14 Fairfield County Bank Ridgefield 1,073 850 205 18 15 Savings Bank of Danbury Danbury 1,037 922 105 10 16 Union Savings Bank Danbury 1,024 854 147 23 17 Berkshire Bank West Hartford 780 619 137 24 18 Newtown Savings Bank Newtown 758 636 106 16 19 Chelsea Groton Bank Norwich 530 418 103 9 20 Dime Bank Norwich 483 425 52 6 21 Citibank NA Greenwich 467 419 41 7 22 Connecticut Community Bank Westport 450 355 87 8 23 Santander Bank West Hartford 431 354 69 8 24 Guilford Savings Bank Guilford 429 368 57 4 25 Bankwell Bank New Canaan 327 258 63 6 Source: Small Business Administration PPP loan data. —Compiled by Timothy Doyle. first-time PPP borrowers with 10 employees or less, or businesses in low- and moder- ate-income neighborhoods seeking loans of $250,000 or less. Community financial institutions, which work with economically disadvantaged borrowers, were given the first crack at the loans, and the process opened to all lenders on Jan. 19. Steve Webb, Southern New England regional president for TD Bank, said the bank gets calls daily from businesses inquiring about the program. He's expecting demand to be high, but not as overwhelming as it was last spring because of the tighter require- ments. "Many businesses didn't see the dramatic reduction in gross revenue to qualify [for a second loan]," he said. "I think our industry and most pundits will tell you we really don't have the risk of running out of money as we did the first time around." While the initial application process was plagued by technical snafus, delays and confusion nationwide, Webb said banks are expecting a smoother rollout this time. Businesses can apply through a designated PPP portal on the bank's website. "All of this was moving so quickly last spring," Webb said. "Congress has had a lot of time to tweak the program based not only on feedback from the [banking] industry and clients, but also based on what they've seen. We think it's going to be a better process for everybody." n Steve Webb

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