There were three times as many Paycheck Protection Program (PPP) loans made in the 10 states with the most community banks per capita. This was according to a report updated in June from the Institute for Local Self-Reliance
For example, North Dakota banks issued more than 1,444 loans per 100,000 people. This represents the most community banks per capita. By comparison, Arizona made 265 loans per 100,000 people. The Grand Canyon state possesses the fewest local banks per capita in the nation.
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As of Aug. 6, the U.S. Small Business Administration (SBA) approved more than $523 billion in PPP loans. They intend to keep employees on the payrolls of small businesses during the COVID-19 pandemic. Notably…