Hispanic business owners who are struggling financially during the coronavirus (COVID-19) pandemic may not be aware financial assistance is available or may not have been able to access funds from other financial institutions.
This is an opportunity for credit unions to help those business owners obtain funding through the Small Business Administration’s Paycheck Protection Program (PPP).
To do so, credit unions must build relationships with these individuals, gain their trust, and educate them about the program, a panel of credit union leaders said Thursday during “Reaching Hispanic Small Businesses: COVID-19 Crisis,” a webinar presented by Inclusiv.
“There’s still plenty of time to make a difference for businesses that are struggling right now,” says Jeff Ivey, president/CEO of $109 million asset River City Federal Credit Union in San Antonio. “This is a long-term situation and it’s a huge opportunity for credit unions to step forward and do the right thing.”
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