Credit Unions are known for helping their members and during the recent pandemic they were able to provide the SBA PPP Loan to these small businesses in their communities. United Financial Credit Union was was able to grant 48 PPP Loans at just over $3 million dollars for their business members. These loans helped allow these local small businesses to keep employees on payroll and helped them cover other business expenses.
United Financial acted swiftly in response to the pandemic, creating a seamless online and mobile banking experience for members, developing relief options, and preparing for an influx of PPP loans.
United Financial Credit Union partnered with Abrigo in April, a leading technology provider of compliance, credit risk, lending, and asset/liability management solutions, to support the high volume of applications and streamline and automate key processes to get capital into the hands of small business owners more quickly.
Members were grateful for the opportunity to apply and receive funds from the PPP loan to help their business during the challenging times.
According to an update from CUNA.org – Credit Unions were able to facilitate over 196,000 loans, averaging $49,000 per loan across the United States. Most of these loans were for small businesses that only employ a small number of employees; your local coffee shops, restaurants and independently owned stores.