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USF Federal Credit Union processes $15 million in Paycheck Protection Loans for small businesses

TAMPA, FL (May 6, 2020) — USF Federal Credit Union (USF FCU) is helping more than 2,400 employees of small businesses in the Tampa Bay area continue to get paid as the credit union processed more than $15 million in federal Paycheck Protection Program (PPP) loans.

Among the recipients was the Florida Institute for Community Studies (FICS) that partners with communities across Florida to help them achieve goals through research, education, training, services and the arts. After learning that their loan was approved, staff at FICS posted the following message on social media:

“We just received news that FICS has been awarded Paycheck Protection Program funding through USF Federal Credit Union! Thank you so much! We can now keep going full-speed ahead with hiring for summer and beyond.”

Kelly Stuart Williams, managing director of Pegasos Public Relations agreed. “USF FCU has been handling my personal deposit and loan needs since 1990. They were the first to reach out to me about the PPP program. My Pegasos payroll has now been protected, and I’m proud to make USF FCU my business home!”

“The credit union is gratified to be able to help small businesses and their employees in these challenging times,” USF FCU CEO/president Richard J. Skaggs said. “This exemplifies exactly what the credit union is all about, giving back to our members and our communities.”

USF FCU was among the first credit unions in the country to automate the PPP loan application process. Staff moved quickly when the PPP was first announced to reconfigure its systems to be able to process the applications.

To date, USF FCU has had more than 335 PPP loans approved through the Small Business Administration, with much of the funding going to small businesses that provide professional, scientific and technical services, along with businesses working in healthcare and social services.

About USF Federal Credit Union

USF Federal Credit Union offers a full range of financial services to the faculty, staff, students, alumni association members, and families of the University of South Florida. USF FCU serves more than 70,000 members with membership available through more than 40 Select Employee Groups and has assets of more than $1.1 billion. USF FCU is a recipient of the Florida Governor's Sterling Award for Performance Excellence. Please visit usffcu.com for more information.