Credit unions help save more than 1.1 million jobs through PPP
PPP data from the Treasury Department indicates credit unions played a larger role in lending to smaller companies, underscoring the movement’s commitment to Main Street business borrowers.
According to Treasury Department data released on Monday, over 900 credit unions participated directly in the Paycheck Protection Program. Credit unions made up 18% of the program’s lending institutions yet claimed a much smaller percentage of the actual loans, underscoring the movement’s commitment to local small business borrowers.
The department released data in two formats. For loans exceeding $150,000, the department identified the borrower by name and other information but provided only ranges for the loan amount — for example, $350,000 to $1 million. For loans less than $150,000, the department did not identify borrowers by name but did provide the specific loan amount.
Preliminary analysis by Callahan & Associates shows credit unions in all 50 states, the District of Columbia, and five territories originated 11,424 loans exceeding $150,000, accounting for 1.73% of all loans in this bucket. Because the specific dollar amount is not included for larger loans, the total balance for loans in this category is likely between $3.24 billion and $7.91 billion.
Credit unions played a larger role in lending to companies that requested less than $150,000, originating 179,085 loans for a total of $4.67 billion. This represents 3.29% of the dollars lent in this category but 4.23% of the borrowers, indicating credit unions originated a lower average amount than their banking peers.
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