San Mateo Credit Union distributes $3.7 million to small businesses and provides loan relief to over 6,000 members
REDWOOD CITY, CA (July 7, 2020) — In response to the COVID-19 public health emergency and to further its mission of supporting the financial well-being of the community and members, San Mateo Credit Union (SMCU) distributed $3.7 million to San Mateo County businesses facing hardships, helping them avoid layoffs and stay open or reopen, and provided significant financial relief to its members.
SMCU’s rapid response to the coronavirus pandemic was significant and wide ranging, including:
- Partnered with San Mateo County Strong to administer financial assistance grants to local businesses.
- Formed the SMCU Community Fund, a 501(c)(3) nonprofit that aims to fundraise for small businesses and create financial wellness in our community, as well as support SMC Strong.
- Distributed $3.7 million in grants to help nearly 400 small businesses.
- Covered all administrative costs to disburse small business grants for SMC Strong, contributing 2,000 hours of support for grant processing, underwriting and more.
- Built an online portal to receive and process grant applications in a two-week timeframe to quickly address the growing needs of the community.
- Provided a 6-month payment forbearance to SMCU mortgage borrowers. Offered financial relief to members through the ability to skip personal, auto and credit card loan payments.
This crisis is far from over, however, and SMCU will continue to monitor the situation, fundraise for local businesses and take care of its members and the communities it serves.
“As a local, trusted financial institution, San Mateo Credit Union’s employees are passionate about helping the individuals and businesses we serve as well as all of San Mateo County. It’s part of who we are. It’s in our DNA.” SMCU President and CEO, Wade Painter says. “Our mission is to serve our community, and we are committed to that now more than ever, until we are all back on our feet.”
About San Mateo Credit Union
Founded in 1952, San Mateo Credit Union is a not-for-profit, member-owned financial institution committed to the financial wellness of its members and economic vitality of the communities it serves. SMCU is dedicated to supporting local organizations and efforts that improve the quality of life for all San Mateo County residents. In addition to providing competitive financial products, digital access, and education, SMCU invests in local nonprofits and small businesses through grants, PPP loans, scholarships, and volunteerism. Learn more at smcu.org
About SMC Strong
SMC Strong is a county-wide fund created by the San Mateo County Board of Supervisors in partnership with the Silicon Valley Community Foundation. In March, the Board of Supervisors approved $3 million in emergency funding to support those most impacted by the COVID-19 public health emergency in San Mateo County. Donations are directed toward individuals and families, small businesses, and nonprofits. Learn more at smcstrong.org.