WINCHESTER – More than 1,890 businesses and nonprofits in the northern Shenandoah Valley have been approved for tens of millions of loans under the Small Business Administration’s Paycheck Protection Program, according to released data by the SBA earlier this week.
There were 254 companies or nonprofit groups in the area who were each approved for over $ 150,000 from the relief program. Of these, 12 were approved for an amount between $ 2 million and $ 5 million, while 24 were approved for an amount between $ 1 and $ 2 million. Another 1,645 were approved for less than $ 150,000, and several requested assistance ranging from $ 150,000 to $ 1 million.
To date, the $ 659 billion program has guaranteed 4.9 million forgivable loans nationwide worth more than $ 520 billion. The aim is to mitigate the economic losses linked to the coronavirus pandemic. The average loan amount was $ 106,772. A total of 5,460 lenders participated.
“The PPP is a clear success for small businesses, especially for communities where these employers are the main job creators,” SBA administrator Jovita Carranza said in a press release. “(The) data shows that small businesses of all types and in all industries have benefited from this unprecedented program, and last week’s employment figures reinforce that PPP is keeping employees on the payroll. and supports millions of small businesses. “
In Virginia, businesses and nonprofits have raised between $ 9.5 billion and $ 18.2 billion through the program, the Associated Press reported. Almost 110,000 PPP loans have been made in Virginia, most – 93,000 – less than $ 150,000. The federal government has only released the names of about 16,000 Virginia entities that have received loans over $ 150,000. The exact loan amounts were not disclosed. Only businesses approved for over $ 150,000 were listed by name, while the rest were simply listed by city or town.
Winchester had the most lending action, with 10 companies approved for over $ 2 million, 16 for between $ 1 million and $ 2 million, 74 for between $ 350,000 and $ 1 million, 27 for between $ 150,000 and $ 350,000 and an additional 791 for less than $ 150,000.
Loans between $ 2-5 million to Winchester included: Annandale Millwork and Allied Systems Corp., Blue Ridge Hospice, HN Funkhouser & Co., Howard Shockey & Sons Inc., Integrity Home Mortgage Corp., National Fruit Product Co. Inc. ., R & R Reinforcing Inc., R & C Foods LLC, Westminster-Canterbury at Winchester Inc. and Yount Hyde & Barber PC.
Loans between $ 1 million and $ 2 million to Winchester included: Car Credit Nation Inc., H&W Construction Co., HIVA Inc., Malloy Automotive of Winchester LLC, Malloy Winchester LLC, Miller Auto Sales Inc., Perry Engineering Co. Inc. ., Schenck Foods Co. Inc., Selma Medical Associates Inc., Shenandoah Valley Distributing Co. Inc., Stuart M. Perry Inc., The Village at Orchard Ridge Inc., Winchester Anesthesiologists Inc., Winchester Cardiology & Vascular Medicine PC, Winchester Equipment Co., And Winchester Radiology PC.
For loans over $ 150,000, regional data indicated:
There were two loans in Frederick County ranging from $ 1 million to $ 2 million; two between $ 350,000 and $ 1 million; and 28 between $ 150,000 and $ 350,000.
Loans between $ 1 million and $ 2 million in Frederick County were for the Leary Education Foundation and BMW Express Inc., both located in Cross Junction.
There was a loan in Clarke County between $ 2 million and $ 5 million (HOPE project in Millwood); one between $ 1 and $ 2 million (AM-Liner East Inc. in Berryville); five between $ 350,000 and $ 1 million; and new between $ 150,000 and $ 350,000.
Shenandoah County had a loan of between $ 2 million and $ 5 million (Regulus Group LLC in Woodstock); two between $ 1 and $ 2 million (Appalachian Freight Carriers Inc. in Edinburgh and Holtzman Oil Corp. in Mount Jackson); 11 between $ 350,000 and $ 1 million; and 25 between $ 150,000 and $ 350,000.
Warren County had three loans between $ 1 million and $ 2 million (Pittman’s Tree & Landscaping Inc., Randolph-Macon Academy and Via Satellite Inc., all in Front Royal.); 16 between $ 350,000 and $ 1 million; and 21 between $ 150,000 and $ 350,000.
Loans approved under $ 150,000 totaled over $ 78 million and were as follows:
791 loans totaling $ 39,311,059.50
Average: $ 49,697
Minimum: $ 12,500
Maximum: $ 149,535
40 associations included
142 loans totaling $ 6,268,394.48
Average: $ 46,419
Minimum: $ 12,600 (Stephens City)
Maximum: $ 149,100 (Stephens City)
Seven nonprofits included
167 loans totaling $ 7,121,963.52
Average: $ 38,559
Minimum: $ 12,822 (Berryville)
Maximum: $ 142,500 (Berryville)
Nine nonprofits included
277 loans totaling $ 12,748,772.60
Average: $ 41,532
Minimum: $ 12,569 (Mont Jackson)
Maximum: $ 148,285 (new market)
25 associations included
268 loans totaling $ 12,692,749.70
Average: $ 48,013
Minimum: $ 12,631 (Front Royal)
Maximum: $ 149,300 (Before Royal)
21 associations included
National and state-by-state PPP loan data is available on the SBA website at www.sba.gov.