LIBERTY BANK

LIBERTY BANK was one of the thousands of SBA-approved lenders that participated in the Paycheck Protection Program. During the program period (April 2020 – May 2021), the lender originated 7,348 PPP loans totaling $553.5M, representing approximately 0.06% of all loans nationwide.

LIBERTY BANK served borrowers across 23 states. The largest concentration of activity was in Connecticut, where the lender originated 5,784 loans totaling $429.7M. Other states with significant activity included Washington, Alabama, Illinois.

The average loan size for this lender was $75,333. This figure reflects the mix of borrower types — large companies, small businesses, sole proprietors, and non-profits — that applied through this institution. Lenders were responsible for collecting and verifying borrower certifications and submitting loan applications to the SBA's E-Tran system.

Among the largest named borrowers that received loans through LIBERTY BANK were: FUELCELL ENERGY, INC. (CT) — $6,515,045; STRUCTURE MEDICAL LLC (NC) — $5,275,482; OWENS, RENZ & LEE CO., INC. (CT) — $4,815,783; and CONNECTICUT GI PC (CT) — $4,236,667.

PPP lenders were compensated through processing fees paid by the SBA rather than by borrowers. Fees ranged from 1% to 5% of the loan amount depending on loan size. Lenders were not required to take credit risk — the SBA provided a 100% guaranty on each loan. This structure incentivized broad participation but also contributed to documented cases of lender fraud and over-processing of applications.

Borrower names for loans under $150,000 are withheld under FOIA Exemption 6. As a result, the named recipients shown below represent only a fraction of this lender's total portfolio. The full loan count and amount figures include all loans in the SBA's data regardless of disclosure status.