Astera CU is working hard for its local businesses
LANSING, MI (June 18, 2020) — Astera Credit Union continues to be a first responder for members, businesses, and the communities it serves who have been impacted by Michigan’s stay at home orders that resulted in businesses across the state being closed for several months. Astera CU was one of the first credit unions in Lansing to immediately start working with businesses on their Paycheck Protection Program loan applications. To date, Astera CU has helped bring more than $6.3 million in funded loans to local businesses.
As an approved lender with the U.S. Small Business Association (SBA), Astera CU works closely with small business owners to assist with applications for the Paycheck Protection Program (PPP). The PPP is a government loan designed to help small businesses keep their workers on payroll to avoid layoffs associated with the COVID-19 pandemic. Astera wants to encourage local businesses that didn’t apply for a PPP loan initially because they felt the requirements were too limiting, to re-examine the rules to see if a PPP loan makes sense for their business now. As of this week, roughly $512 billion dollars in loans have been funded in the U.S. That means there is still approximately $129 billion dollars left for businesses wanting to apply for a PPP loan. Since the launch of the loan program in April, Astera CU has helped 126 local businesses get access to $6.3 million in funded loans. With these funds, business owners were able to save 564 jobs that could have otherwise been lost.
“We recognize that even as the economy re-opens many businesses still need the Paycheck Protection Loan Program,” said Astera CU President/CEO Martin Carter. “Since the inception of this program we’ve been helping small businesses with these loans to help keep their employees on the payroll.” Carter goes on to say, “This time has been and continues to be incredibly stressful and I couldn’t be prouder of the Astera team for continuing to work hard to make a difference in the lives of our members, local businesses and the communities we serve.”
By working with a local lender like Astera CU, small businesses can still apply for the PPP loans and keep their employees on staff. To learn more about the Paycheck Protection Program Loan and the financial relief options available, small businesses can connect with an Astera CU representative by sending an email to commercial@asteracu.com, or visiting www.AsteraCU.com and searching for “SBA loans.”
About Astera Credit Union
Astera CU is a local, community-chartered credit union that has been serving the Lansing area for over 70 years. Astera, a cooperative financial institution owned by its members, has a member-centric business focus allowing them to provide the Lansing, DeWitt and Ionia communities with top-notch personal account and business account financial products and services including: several loan types, savings accounts, electronic services that include mobile banking, mobile check deposit and more, along with access to knowledgeable staff to help members optimize their money. For more information visit Astera online at www.AsteraCU.com.
