Wintrust makes 8,900 PPP loans to small businesses

ROSEMONT - Wintrust Financial Corp. said it has received authorization from the U.S. Small Business Administration to fund nearly $3.3 billion in loans to approximately 8,900 small businesses through April 16 through the Paycheck Protection Program.

When the SBA announced that the $349 billion allocation had been fully allocated, Wintrust had secured authorization from the SBA to fund loans for approximately 99 percent of the client applications it had received and processed for approval.

Under the PPP program, Wintrust secured approval of more than $2.5 billion in loans for approximately 7,500 small businesses in Illinois. It secured approval of over $263 million in loans for more than 850 small businesses in Wisconsin. The remaining approximately $500 million in loan approvals were secured for more than 500 small business borrowers with operations in other states. The median loan size is approximately $87,500.

Wintrust is also working with clients who didn't receive loan authorization, mainly due to incomplete or ineligible applications, to help review other sources of relief that may be available to them.