These Banks Ranked Highest With Small Businesses for Managing the Paycheck Protection Program (PPP)
Thanks to the U.S. Small Business Association’s Paycheck Protection Program (PPP), banks were able to administer more than $669 billion in relief loans to small businesses and managed the forgiveness of more than 1.1 million of those loans. PPP loans were able to help small businesses stay afloat during the pandemic, and according to a new J.D. Power study, boosted customer satisfaction — as concerned clients’ banking experience — to a record high this year.
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“Small business owners are feeling good about their banks and more confident about the economy, but just more than half of small businesses are financially healthy,” said Paul McAdam, senior director of banking and payments intelligence at J.D. Power, via press release. “Banks can build upon the customer goodwill generated through PPP by providing solutions and information to address the range of financial challenges facing small businesses, including access to timely credit, improving business creditworthiness, building savings to cover a cash shortfall and having adequate insurance coverage.”
Using a 1,000-point scale to measure customer satisfaction, the J.D. Power study found that the overall customer satisfaction scores for small businesses that applied for PPP loans with their primary bank came out at 853. This score was 32 points higher than the score connected to customers that did not apply for a PPP loan. For businesses that completed the PPP loan forgiveness process, overall customer satisfaction was rated highest, at a score of 869.
National banks also outperformed regional banks. Overall small business customer satisfaction with national banks saw a posted score of 829, 13 points higher than regional banks. J.D. Power also noted that national bank customers were also more likely to say that their PPP loan forgiveness process was easier.
The national score rankings, by region, follow.
Midwest
Bank of America – 859
PNC Bank – 839
Huntington – 835
Chase – 833
Wells Fargo – 825
U.S. Bank – 814
Fifth Third Bank – 813
BMO Harris Bank – 811
Region average – 828
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Northeast
Chase – 839
Bank of America – 830
TD Bank – 830
Capital One – 827
Citizens Bank – 821
PNC Bank – 821
Citibank – 808
Santander Bank – 808
Wells Fargo – 806
Regional average – 822
South
TD Bank – 865
Chase – 861
Wells Fargo – 843
Citibank – 842
Bank of America – 841
Capital One – 840
Regions Bank – 831
PNC Bank – 820
Truist (formerly BB&T and SunTrust) – 808
Regional average – 838
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West
Bank of the West – 829
Chase – 829
U.S. Bank – 825
Citibank – 822
Wells Fargo – 822
Bank of America – 804
Union Bank – 799
Regional average – 817
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This article originally appeared on GOBankingRates.com: These Banks Ranked Highest With Small Businesses for Managing the Paycheck Protection Program (PPP)
