WINCHESTER — More than 1,890 businesses and nonprofit organizations in the Northern Shenandoah Valley were approved for tens of million in loans through the Small Business Administration’s Paycheck Protection Program, according to data released by the SBA earlier this week.
There were 254 businesses or nonprofit groups in the region that each were approved for more than $150,000 from the relief program. Among those, 12 were approved for between $2 million and $5 million, while 24 were approved for between $1 million and $2 million. Another 1,645 were approved for less than $150,000, with several applying for assistance falling between $150,000 and $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 soften economic losses related to the coronavirus pandemic. The average loan size was $106,772. A total of 5,460 lenders participated.
“The PPP is an indisputable success for small businesses, especially to the communities in which these employers serve as the main job creators,” SBA Administrator Jovita Carranza said in a press release. “(The) data shows that small businesses of all types and across all industries benefited from this unprecedented program, and last week’s jobs numbers reinforce that PPP is keeping employees on payroll and sustaining millions of small businesses.”
In Virginia, businesses and nonprofits took in between $9.5 billion to $18.2 billion through the program, The Associated Press reported. Nearly 110,000 PPP loans were awarded in Virginia, with most — 93,000 — under $150,000. The federal government only released the names for about 16,000 Virginia entities that received loans of more than $150,000. Exact loan amounts were not given. Only businesses that were approved for more than $150,000 were listed by name, while the others were just listed by city or town.
Winchester had the most action in terms of loans, with 10 businesses approved for more than $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 million to $5 million in Winchester included: Annandale Millwork and Allied Systems Corp., Blue Ridge Hospice, H.N. 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 in 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 more than $150,000, the regional data indicated:
There were two loans in Frederick County ranging between $1 million and $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 Leary Education Foundation and BMW Express Inc., both in Cross Junction.
There was one loan in Clarke County between $2 million and $5 million (Project HOPE in Millwood); one between $1 million and $2 million (AM-Liner East Inc. in Berryville); five between $350,000 and $1 million; and nine between $150,000 and $350,000.
Shenandoah County had one loan between $2 million and $5 million (Regulus Group LLC in Woodstock); two between $1 million and $2 million (Appalachian Freight Carriers Inc. in Edinburg 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 more than $78 million and were as follows:
791 loans totaling $39,311,059.50
40 nonprofits included
142 loans totaling $6,268,394.48
Minimum: $12,600 (Stephens City)
Maximum: $149,100 (Stephens City)
Seven nonprofits included
167 loans totaling $7,121,963.52
Minimum: $12,822 (Berryville)
Maximum: $142,500 (Berryville)
Nine nonprofits included
277 loans totaling $12,748,772.60
Minimum: $12,569 (Mount Jackson)
Maximum: $148,285 (New Market)
25 nonprofits included
268 loans totaling $12,692,749.70
Minimum: $12,631 (Front Royal)
Maximum: $149,300 (Front Royal)
21 nonprofits included
National and state-by-state PPP loan data can be found on the SBA’s website at www.sba.gov.