Genisys Credit Union helps local small businesses by providing financial relief
AUBURN HILLS, MI (May 13, 2020) — Genisys Credit Union is helping to provide financial relief to local, small businesses impacted by COVID-19. Genisys has focused on the Small Business Administration (SBA)’s recently launched Paycheck Protection Program (PPP), which provides loans to small businesses, independent contractors and others to cover critical business expenses. The key to the program is the loan will be forgiven if used for allocated percentages on payroll (75%), interest on business debt obligations, rent, and / or utilities.
“We are proactively working with our business members to help them navigate application processes and help them through their ongoing challenges,” said Jackie Buchanan, CEO & President of Genisys Credit Union. “It is important to ensure that Genisys is able to provide our community small businesses the guidance and support they need during these unprecedented times as ‘community’ is at the heart of everything we do.”
“Genisys truly fulfilled the business purpose and tagline, ‘Where you come first!’,” said Prasad Gullapalli, Founder & CEO of Srinergy. “We have been waiting for more than 3 weeks with our current bank and with Genisys it took less than 2 days from start to finish. Thank you to the entire behind the scene team at Genisys that is helping small businesses like ours in these hard times.”
Through the Payroll Protection Loan Program, Genisys has helped provide relief to several hundred small businesses in their communities and helped to save thousands of paychecks of employees of these businesses. Several of the industries that have been helped include restaurants, landscaping, child care facilities, heating & cooling, plumbers, construction, churches, and architects.
About Genisys Credit Union
Genisys Credit Union is a not-for-profit, member-owned financial institution that has been committed to helping its members financially since 1936. Based out of Auburn Hills, MI, the credit union is the fourth largest in Michigan with over 271,000 members and 33 branch locations. With a highly competitive suite of products such as High Yield Genius Checking and Youth Savings Account as well as loans for small to mid-sized businesses, Genisys specializes in providing consumer and business financial solutions through its branches, a multi-channel contact center, and a variety of mobile and online banking services. Genisys has consistently received the highest 5-star Bauer Financial Rating for safety and soundness along with receiving recognition from S&P Global Market Intelligence as a nationwide Top 10 Performing Credit Union. They are also proud to be committed to their communities by annually volunteering over 4,400 hours and partnering on over 1,000 community events. Connect with Genisys on Facebook, Twitter, Instagram, and TikTok by following @genisyscu. For more information visit www.genisyscu.org
