ST. PAUL, Minn.–The Minnesota Credit Union Network has compiled an update on how credit unions in the state have been providing relief to Main Street through business loan payment extensions and Paycheck Protection Program loans.
According to a recent survey of more than three quarters of Minnesota credit unions, the Minnesota CU Network said it found:
- 890 business loan payments have been extended totaling $624 million
- $132 million in PPP loans were provided in the first round of funding
The Network also compiled statements from a number of the state’s CU leaders, including:
- “During these unprecedented times, we feel that it is important to do everything we can to provide financial support and resources for our members and community,” said Aaron DeJong, president and CEO of Red Wing Credit Union. “Participating as a lender for SBA’s Paycheck Protection Program has been an important avenue for providing direct support to the small businesses in and around Red Wing. The idea that we are helping local businesses maintain their employment levels for the next couple of months is extremely rewarding.”
- “We have helped 237 businesses and non-profits in rural central Minnesota,” said Chuck Albrecht, CEO of Mid Minnesota FCU in Brainerd. “This includes a sanitation company that was about to lay off 50% of its workforce due to lack of seasonal cabin traffic; eight nonprofits; and multiple businesses that were turned away from their large primary financial institution not taking additional applications.”
- “We believe the impact to our community is going to be better if we are involved,” Chris Guarnera, RBCU’s vice president of commercial sales, said. “It’s important for us to support the people that have supported us through the years.” Bloomington, Minn.-based RBCU said its loan applications have come from a variety of business owners of different sizes. Its smallest loan was for $2,200 to a sole proprietorship, while no single loan has topped $750,000, Guarnera said.
- TopLine Federal Credit Union (Maple Grove) noted it has established 19 new business relationships as a result of helping small businesses through the application process.
- Central Minnesota Credit Union (Melrose) has taken in over 1,200 PPP applications since the program launched and has been working around the clock to support members and nonmembers alike.