What we can learn from successful PPP lenders on how to serve small businesses
Five credit unions shares insights from their Paycheck Protection Program efforts.
After analyzing Treasury Department data on the number of jobs saved by credit union lending and publishing an overview of the top cooperative lenders by state, and nationally, for the Paycheck Protection Program (PPP), we spoke at length with five credit unions of various sizes and geographic regions to learn how the program has helped their institutions strengthen business relationships and how cooperatives can support small businesses moving forward.
A History of Serving Small Businesses
One thing all five credit unions have in common is a history of offering business services, specifically loans and deposit accounts.
Mountain America Credit Union ($11.0B, Sandy, UT) has offered business loans for over 25 years and business deposit accounts since 2002. With roughly 60,000 business members and over 9,000 commercial loans, one of the largest credit union PPP lender notes that they have seen many repeat borrowers over the years.
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