Notre Dame Federal Credit Union (Notre Dame FCU) announced today it has funded in excess of 1,000 Paycheck Protection Program (PPP) loans totaling more than $177 million. By doing so, it is estimated the credit union has helped save more than 20,000 jobs.
Of the loans funded, over half were for amounts under $50,000, and over 80% of all dollars funded were to non-profit organizations. True to the ideals of the credit union industry, Notre Dame FCU focused its PPP efforts on those businesses who truly needed the funds, regardless of loan size. As a result, hundreds of small businesses and non-profit organizations were able to remain open during the early phases of the pandemic, allowing them to continue to provide much-needed services to their communities.
President and CEO Tom Gryp said, “So many small businesses were being ignored by their incumbent financial institutions. For many, the PPP loan was the only available lifeline to keep their doors open during the early stages of the coronavirus pandemic. It was incredible to watch the partners of Notre Dame FCU step up to ensure these businesses receive PPP funding in such a timely manner.”
Notre Dame FCU Chief Retail Officer, John Wilkening, added, “When the opportunity to save jobs for the community’s small businesses came up, there was no time to waste. The lifeblood of the community was in need. We trained and redeployed partners (employees) overnight. The thank you letters and notes we are now receiving tell us we made a real difference. The effects of this program are felt right at the kitchen table.”