Atlantic Union Bank in the News - Week of May 4

Richmond Times-Dispatch
Nearly $12.7 billion in coronavirus relief loans have been approved for Virginia small businesses
May 5, 2020

Small businesses across Virginia have been approved for almost $12.7 billion in loans from the federal Paycheck Protection Program, according to federal data released this week.  Click here to read more. 
 

Virginia Business
Virginia banks have processed $3.97B+ in SBA PPP loans
May 5, 2020

“We continued to accept loan applications after the first round of funding closed, we continued to perfect our technology and processes, and we invited new customer applications,” said John Asbury, CEO and president of Atlantic Union Bankshares. “Our teammates continue to diligently serve our customers and their businesses in our communities throughout Virginia, Maryland and North Carolina. These businesses are the backbone of our communities, and we are honored to assist them through this difficult time.”  Click here to read more.

Fortune
Goldman Sachs doubts there will be a Round 3 of PPP loans for small businesses
May 5, 2020

John Asbury, CEO of the regional Atlantic Union Bank, based in Virginia, recently told Fortune: "The real question in my mind is, if after the second round of funding there is still great demand from the program from the traditional businesses that qualified, the smaller ones, will Congress support a round three of funding? I hope they will."  Click here to read more.
 

Fredericksburg.com
Virginia Partners, Atlantic Union provide $1.75 billion in PPP loans to small businesses
May 5, 2020

Atlantic Union Bank, which started in Caroline County and is now Virginia’s largest financial institution, announced Thursday that it has successfully received SBA approval for more than 10,000 loans totaling over $1.7 billion through the program.  Click here to read more.

The New York Times
Some Small Businesses That Got Aid Fear the Rules Too Much to Spend It
May 2, 2020

“As long as they’re using the funding for the operating expenses of the business, our interpretation — and we think it’s clear — is yes, you can use it as effectively a working capital loan,” said John Asbury, the chief executive of Atlantic Union Bankshares, a community lender in Richmond, Va.  Click here to read more.
 

Richmond Times-Dispatch
Some Richmond-area small businesses now tapping into federal loan program, but uncertainty remains
May 2, 2020

Atlantic Union Bank, one of the largest banks based on assets with headquarters in Virginia, said about 80% of the clients to whom it has originated PPP loans operate businesses with fewer than 20 employees, and the median size for all loans was about $45,000.  Click here to read more.