Paycheck Protection Program data: FirstBank, JPMorgan processed most loans

FirstBank Holding Co. provided the most Paycheck Protection Program loans to businesses across Northern Colorado and the Boulder Valley, while JPMorgan Chase & Co. (NYSE: JPM) was the largest national financial institution in providing funds to the area.

BizWest analyzed the 20,888 loans that were processed for applicants in the region to determine which banks and credit unions were most used by local businesses to get a slice of the $659 billion pot of money allocated by Congress to help small business keep workers on payroll in the midst of the coronavirus pandemic.

The data BizWest used counts applicants in Berthoud, Boulder, Broomfield, Erie, Estes Park, Evans, Firestone, Fort Collins, Fort Lupton, Frederick, Greeley, Johnstown, Lafayette, Longmont, Louisville, Loveland, Niwot, Milliken, Timnath, Westminster, Windsor and Wellington.

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The Greenwood Village-based FirstBank processed the most loans overall, accounting for a little under 11.5% of total volume, while JPMorgan processed 8.6% of all loans. While FirstBank was the largest processor of small loans at $66,147,687, Wells Fargo N.A. (NYSE: WFC) dominated the dollar volume category by processing $313.63 million in small loans. That accounts for 35.7% of the value of all small-dollar loans in the region.

FirstBank again produced the largest value in small-dollar loans among Colorado-based institutions at $66.14 million.

The U.S. Treasury Department and the Small Business Administration released the data last Monday with several redactions. Borrowers that received less than $150,000 have their exact loan amount released, but their names and addresses other than their cities are withheld from public view. Vice versa for borrowers that took out more than $150,000; those companies are identified by name, but the amount they were given is provided as a range instead of a concrete figure.

Once again, FirstBank led all lenders by processing 254 large-dollar loans of above $150,000, followed closely by Fort Collins-based Bank of Colorado with 242 loans.

First National Bank of Omaha provided 229 total loans over $150,000, but led the region in processing loans of more than $1 million with 36 total.

Bank of Colorado led every category in BizWest’s analysis among banks and credit unions headquartered in Larimer, Boulder, Broomfield and western Weld County, providing 1,381 loans and $44.11 million in loans under $150,000. The bank also provided 24 loans of at least $1 million, with two of those loans valued between $5 million and $10 million.

Northern Colorado/Boulder Valley-headquartered Institutions:

25 Largest Providers to businesses in region, ranked by loan volume: