Kitsap Credit Union Receives Economic Development Champion Industry Award
The award recognizes the critical funding KCU provided to local businesses via the Paycheck Protection Program throughout 2020.
Kitsap Credit Union (KCU) was recently recognized with an Economic Development Champion Industry Award, honoring the credit union’s work as a leading Paycheck Protection Program lender in 2020.
At its annual meeting on March 25, the Kitsap Economic Development Alliance (KEDA) presented the special award to KCU and other top PPP lenders that originated over 100 loans to support businesses in Kitsap County, Washington.
To date, the credit union has processed 385 PPP loans, funding more than $16.3 million for small businesses in the area and saving 2,025 local jobs.
“Strong local businesses have always been at the core of Kitsap County’s prosperity,” said Shawn Gilfedder, President and CEO of Kitsap Credit Union. “Our team stepped up and quickly implemented the programs and processes to facilitate the newly created PPP loans last year. This recognition reflects our employees’ hard work and commitment to our community, and I’m proud to share this honor with them.”
Throughout 2021 and beyond, KCU will remain dedicated to doing its part to support local businesses, and to not only help them survive this difficult period, but to thrive again within their industries.
Several business owners expressed their immense gratitude to KCU for working tirelessly to help them stand strong.
“Thank you (KCU) — you gave me the financial and medical supplies to be able to test our community and I felt so blessed. When a community credit union is supported it really does turn around and go back into funding that is used to support a community.”
— Dr. Niran Al-Agba, Owner, Silverdale Pediatrics
“I was extremely impressed by the level of care and commitment KCU had for supporting its members. The fact they took the loan applications from start to finish, instead of moving large herds through each step shows the intimacy of KCU’s customer care and service, and exemplifies the difference between credit unions and large corporate banks.”
— George Jage, Co-Founder and CEO at Jage Media, Inc.
“We at Benita’s Bridal consider Kitsap Credit Union the best local credit union in the area. The assistance they provided Benita’s and other small businesses in these stressful times has been a lifeline.”
— Bill Sinclair, VP, Benita’s Bridal
“My experience working with KCU was night and day versus working with a national bank. The two team members who helped us were amazing! We filled out a quick questionnaire online and then they called us and walked us through the new website portal exclusively for PPP funding through KCU. From start to finish, we were funded in less than two weeks and it literally saved us from having to furlough our employees. I referred multiple business friends who were getting nowhere with many area banks.”
— Matthew Holmes, VP-Sales & Business Development, Blue Pacific Global Logistics
Northwest credit unions provided nearly $1 billion in PPP loans for Main Street businesses last year, with Washington credit unions funding an impressive $491 million. Visit NWCUA’s CIRT/ECONorthwest Resource Center for more statistics, reports, and impactful stories about how credit unions are making a difference for their members and communities.