CIRCLE, Mont.–Grasslands Federal Credit Union reported it will be distributing more than $25,000 to more than 20 local non-profit organizations by returning to the community origination fees earned on PPP loans.
Noting the “havoc” from the coronavirus pandemic on many small businesses and organizations, Grasslands FCU said it supported 54 Montana businesses by providing business loans through the Paycheck Protection Program. In the spirit of the credit union philosophy, Grassland FCU said it stepped up to help members pay it forward by distributing the bulk of the origination fees back to the communities they support.
Each recipient of a PPP loan that originated through Grasslands FCU had the opportunity to identify which non-profit located within the credit union’s FOM they most wanted to support, the credit union said, with $750 then going to the non-profit of their choosing.
Some Split Donations
Some members chose to split their contributions among various organizations, while others directed a lump sum to one organization, the credit union reported. To date, the credit union has identified more than 20 local organizations that will benefit from the contribution.
“Non-profit organizations have been hit hard during COVID-19 due to the cancelation of fundraisers and annual events that typically fund their mission’s efforts,” said Emily Guldborg, manager and CEO of Grasslands FCU. “With the credit union philosophy of ‘people helping people’ in mind, we wanted to do our part to bridge the gap and give back to the communities that have long supported us. We hope to inspire other members of the community to continue reaching out to help one another during this critical time.”
The $83-million Grasslands FCU said it expects to distribute around $10,000 in additional funds over the coming months through its PPP efforts.
The credit union has approximately 3,500 members.