Idaho Credit Unions Stand Ready to Help More Businesses Obtain SBA Paycheck Protection Program Loans as Congress Provides Additional Funds
In the first round of SBA PPP lending, Idaho credit unions and other financial institutions helped 13,626 businesses obtain nearly $2 billion.
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Boise, Idaho (April 24, 2020) — Every credit union in the state is leaning in to support over one million Idaho credit union members – consumers who live in communities large and small, rural and urban.
A strong example of this dedicated service is the commitment by credit unions to be “all in” to navigate the backlog created by huge demand for Small Business Administration Paycheck Protection Program (SBA PPP) loans. Idaho credit unions and other financial institutions were able to help 13,627 small businesses receive approval for over $1.8 billion before the first round of funds were exhausted by April 16. The loans are designed to be fully forgivable and will allow businesses to continue to pay their staff for at least eight weeks during the COVID-19 crisis.
For small businesses that did not obtain PPP loans in the first phase, there is promising news. Congress approved $320 billion in additional funding earlier this week, which is expected to be available Monday.
Idaho credit unions are poised to help small businesses in phase two. They worked as quickly as possible to help Main Street businesses in the first phase.
For example, the team at Idaho Central Credit Union helped over 1,500 small businesses obtain PPP loans. The $116 million in funds that were distributed will help thousands of employees continue to provide for their families.
One of those businesses is Apex Leaders, a Boise-based company that connects private equity firms across the nation to advisors who help them make better investment decisions.
“Thank you so much,” said Dave Myers, Founder and CEO, in a message to the Idaho Central Credit Union team. “I read horror stories about the big banks not even accepting applications on the first day or two … I am so thankful for ICCU, and the fact that I’m banking with a local institution.”
When Idaho’s statewide “Stay Home” order was issued by Governor Brad Little on March 25, the Eagle Tennis Club had to close. Owner Kara Hoge turned to Mountain America Credit Union for a PPP loan.
“It is important for me to be able to pay my employees, because I feel personally responsible for helping them get through this,” Hoge said. “Terry Mann and Mountain America were so easy to work with … my PPP loan funded within a week. They saved my 15 employees from not having food on the table.”
Meanwhile, credit unions continue to find financial solutions for Gem State families through such options as skipping consumer and auto loan payments, mortgage forbearance, low- to no-interest emergency loans, and loan modifications to make monthly payments more affordable.
Lewis Clark Credit Union, based in Lewiston, is providing many of those services to its members. The credit union is also listening to members’ needs and offering useful benefits, such as $100 VISA gift cards to help pay for groceries and $10 gift cards given randomly so consumers can buy take out lunches in support of local restaurants.
While credit union employees continue to serve their members, they’re also doing volunteer work. Staff at P1FCU, also based in Lewiston, made masks for local community organizations.
These are just a few anecdotal examples of the work credit unions and their employees are doing to help Idahoans come through COVID-19 stronger, and financially secure. As not-for-profit, cooperative financial services providers, credit unions do not exist to benefit stockholders on Wall Street. Their number-one focus is member service on a local level, to bolster and support Main Street in their communities. With all the worries Idahoans are shouldering, they can count on help with their finances. Their credit union has their back.
The Northwest Credit Union Association is the trade association representing more than 175 not-for-profit, cooperative credit unions in Idaho, Oregon, and Washington, and their 7.3 million consumer members. As not-for-profit cooperatives, credit unions look out for their members’ financial well-being. Everyone should open their eyes to a credit union. For more information, please visit: https://yourmoneyfurther.com.