Mercer and Lawrence County Businesses Got $275M in PPP Loans
YOUNGSTOWN, Ohio – 2,399 businesses in Mercer and Lawrence counties in Pennsylvania received a total of $274,940,896.11 in Paycheck Protection Program loans, according to data from the Small Business Administration.
The loans, which were awarded throughout the span of the program between April 3 and Aug. 8, helped companies in the two counties retain 25,753 jobs.
Loans ranged from the maximum amount of $10 million – Joy Cone in Hermitage was the only business to get that amount – to $587, received by Bruening Signs & Advertising in New Castle.
Bruce-Merrilees Electric Co. of New Castle got the second-largest PPP loan, $6,742,042, in the two counties, followed by Interstate Chemical Co. in Hermitage, which received $4,342,600.
Rounding out the top 10 in Mercer and Lawrence counties are:
- Flynn’s Tires of Pennsylvania Inc., Hermitage, $4,323,337.
- Global Mgmt. Solutions Inc., Ellwood City, $4,128,700.
- Autosoft Inc., West Middlesex, $3,862,000.
- Westminster College, New Wilmington, $3,626,920.
- St. Paul Homes, Greenville, $3,205,400.
- Thiel College, Greenville, $2,369,800.
- Grove Manor Corp., Greenville, $2,231,300.
See how much businesses in Mercer and Lawrence counties got HERE.
The median Paycheck Protection loan in the two counties was $27,400. There were 43 loans of more than $1 million and 12 of less than $1,000.
First National Bank of Pennsylvania was the largest lender in the two counties, with 946 PPP loans totaling $111,106,039. The median loan size was $27,803.50.
Huntington National Bank ranked second with 265 loans for $30,518,692 – a median of $30,100 – and PNC followed closely in third with 220 loans for $30,353,600, a median of $34,650.
Other area banks that provided loans in Mercer and Lawrence counties include:
- First Commonwealth Bank (New Castle)- 151 loans for $15,836,300.
- Mercer County State Bank (Sandy Lake)- 217 loans for $15,008,630.57.
- Premier Bank (Youngstown, Ohio)- 10 loans for $1,804,300.
- Farmers National Bank (Canfield, Ohio)- seven loans for $1,202,000.
- Greenville Savings Bank (Greenville)- 22 loans for $805,300.
Copyright 2021 The Business Journal, Youngstown, Ohio.