Telhio Credit Union supports local Ohio businesses with Paycheck Protection Program loans
COLUMBUS, OH (April 21, 2020) — Telhio Credit Union today announced that it has handled over 218 Paycheck Protection Program (PPP) loans, totalling more than $27 million. Telhio Credit Union, Ohio’s top SBA lender among credit unions, has been deeply committed to ensuring local businesses can obtain PPP loans quickly during this critical time.
The PPP, an expansion of the Small Business Administration’s (SBA) 7(a) loan program, is part of the $2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act, and aims to help small businesses keep their workers on the payroll amid the coronavirus pandemic. Telhio Credit Union quickly began preparing for the influx of PPP loans and partnered with Abrigo, a leading technology provider of compliance, credit risk, lending, and asset/liability management solutions. The partnership enabled Telhio to support the high volume of interest in the loans and streamline and automate key processes to get capital into the hands of small business owners more quickly.
“We are proud to be able to work quickly to help our business members when they most need us,” said Derrick Bailey, Chief Sales Officer, Telhio Credit Union. “Telhio has been putting people over profits since 1934, and this is just one more example of how we do what it takes to ensure our members have the financial resources they need – especially during challenging times like what we are facing right now.”
Telhio employees have worked around the clock to help members throughout Ohio to apply for PPP loans. When the program opened on April 3, many hopeful borrowers were frustrated and disappointed by the lack of participating financial institutions in the program. Telhio Credit Union, on the other hand, was quick to respond to the program and welcomed all businesses to begin applying for the program. To date, Telhio Credit Union has helped 218 small businesses in Ohio secure PPP loans.
About Telhio Credit Union
Founded in 1934, and owned and governed by its members, Telhio’s core values of caring, commitment and integrity guide each action and decision the credit union makes. Telhio offers 12 branching offices in Ohio and nearly 4,000 shared branching locations nationwide. Telhio is open to anyone who lives, works, worships, or goes to school in central and southwestern Ohio and participates in the highest level of combined federal and private share savings insurance available, insuring deposit accounts up to $500,000. (Federally insured by NCUA. Additional coverage up to $250,000 provided to consumer account holders by Excess Share Insurance Corporation, a licensed insurance company.)