Alabama Credit Union meets the needs of struggling Small Businesses
TUSCALOOSA, AL (May 15, 2020) — To help its business members navigate the unprecedented financial challenges posed by the COVID-19 pandemic and its effects on the economy, Alabama Credit Union secured $3.2 million in Payroll Protection Program (PPP) funding for 116 businesses, saving more than 500 local jobs.
“It is our mission to help our members and the communities we serve, so when the opportunity arose to help small businesses during this pandemic, we worked around the clock to provide the resources and support the small businesses needed to secure the available funding,” says Steve Swofford, President and CEO of Alabama Credit Union.
Prior to the COVID-19 outbreak, Alabama Credit Union was not an approved Small Business Administration lender, but when relief funds were announced, Alabama Credit Union moved quickly to secure SBA approval.
“Our business members now have funds to maintain staffing, to make mortgage interest payments, pay rent, or pay utilities,” adds Benson Bolling, Chief Lending Officer. “The biggest benefit we were able to give these local businesses is their peace of mind for the next two months.”
At the beginning of March, Alabama Credit Union allowed consumer loan borrowers to skip 20,000 upcoming loan payments for the next two months. Eligible loans include credit cards along with auto, RV, boat, personal, and other consumer loans financed by Alabama Credit Union.
About Alabama Credit Union
Alabama Credit Union is a not-for-profit financial cooperative chartered in 1956 by people who wanted a cooperative approach to banking. Alabama Credit Union remains a people-driven organization that exists to serve its members, support its team members and their families, and enhance the communities we serve. Alabama Credit Union has over $1.3 billion in assets and serves over 130,000 members with 36 branches across the state of Alabama and into North Florida.