New York credit unions facilitate more than 9,250 PPP loans
Loans helped save 60,000+Jobs Statewide
ALBANY, NY (August 4, 2020) — Credit unions in New York State facilitated more than 9,250 PPP (Payroll Protection Program) loans since the program’s inception. The PPP loans totaled more than $429,756,000, according to information released by the Small Business Administration as well as data collected via a member survey conducted by the New York Credit Union Association (NYCUA).
The SBA data also showed that 60,135 jobs in the state were saved by these credit union facilitated loans.
“This is another great example of New York credit unions making a difference in the state and in their local communities,” said William J. Mellin, NYCUA President/CEO. “Many of the state’s credit unions stepped up to get certified by the SBA to offer PPP loans to their members and then helped members through the complicated process of applying for these loans. Their efforts helped save more than 60,000 local jobs and helped support the economies of their communities. Their efforts to help businesses in this difficult time truly exemplified the credit union mission of ‘People Helping People.’”
According to the SBA data, of the PPP loans facilitated by credit unions, more than 8,660 were for loans under $150,000. According to Mellin, this demonstrates that credit unions were at the forefront of helping small businesses and organizations that are the backbone of local communities and of the credit union movement. “Although Covid-19 necessitated many credit unions reduce in-branch operations and have staff often working remotely, credit unions were essential and continued to help members and the communities, seamlessly and effectively. Their efforts are part of the reason businesses in the state were able to retain employees and maintain operations.”
About The New York Credit Union Association
For more than 100 years, the New York Credit Union Association has served as the trade association for the state’s credit unions, which collectively hold more than $83 billion in assets and serve 5.9 million members. NYCUA strives to advance the credit union movement by advocating, educating, uniting and supporting the interests of all credit unions statewide. To learn more about NYCUA, visit www.nycua.org. To find a credit union or learn more about the credit union movement, visit yourmoneyfurther.com.