PayPal has submitted applications to the Utah Department of Financial Institutions and the Federal Deposit Insurance Corporation to establish PayPal Bank.

As a Utah-chartered industrial loan company the company has already extended $30 billion in loans and working capital to small businesses.

“Securing capital remains a significant hurdle for small businesses striving to grow and scale,” says Alex Chriss, president and CEO, PayPal. “Establishing PayPal Bank will strengthen our business and improve our efficiency, enabling us to better support small business growth and economic opportunities across the U.S.”

In addition to small business lending, PayPal Bank expects to offer interest-bearing savings accounts to customers. The new entity would also seek direct membership in the US with card networks to complement processing and settlement activities through existing banking relationships.

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