SOMERVILLE, Mass.–Naveo Credit Union is reporting it has assisted nearly 50 local small businesses through the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) in just two weeks.
Naveo said it became an SBA-approved lender when the economy started to be impacted by COVID-19, and soon thereafter launched an internal CARES ACT PPP Loan Processing team to streamline the process for applicants.
“Many local, small business started reaching out to Naveo when the stay-at-home order was implemented in Massachusetts on available assistance through the federal government’s CARES ACT,” said Naveo.
Naveo said it moved to ensure all the local business associations, partners and knew the credit union was available. As of April 30, Naveo reported it has completed 50 PPP loans for more than $3.2 million.
‘You Are Our Hero’
Jothy Rosenberg and John MacPhee of Dover Microsystems told the credit union, “You are our hero! With this $400k, we have a bridge to raising the capital we need to keep going. There are 15 very happy folks on our team today. We are grateful.”
“We are thrilled to be able to help our small business members weather the economic headwinds from the current pandemic,” commented Albert Pinho, Interim CEO and VP of Lending at Naveo Credit Union. “We are also thankful for a great Naveo team that has worked tirelessly day and night to navigate the SBA process to get urgent funding so these local businesses can keep their employees on the payroll.”
Democracy FCU Distributing Foundation Grants
In Alexandria, Va., Democracy Federal Credit Union said it has partnered with the Credit Union Foundation of Maryland and the District of Columbia to provide one-time emergency grants up to $500 per member’s family for those affected by the pandemic.
“The Foundation is committed to supporting local credit unions and their members in need during this challenging time,” said Foundation Chair Ron Shockley. “The COVID-19 pandemic has not only impacted daily lives, but it has also caused disruption to the economy and the income of many local residents. We believe this fund will allow both support for credit union members affected by the current crisis and provide donors a means to support their fellow credit union members in a safe and responsible way.”
CU Gets Grumpy to Show Appreciation
In Worthington, Penn., Moonlight Credit Union ordered pizzas from its local pizza shop, Grumpy’s, and had them delivered to the Shop ‘n Save Local community grocery store to show its appreciation and gratitude to the grocery store’s essential workers, according to the CrossState Credit Union Association. The staff also wanted to support its local pizza shop by ordering the pizzas from Grumpy’s, the association added.
Illinois League Creates Infographic
In Illinois, the state league has created an infographic offering an overview and update on how credit unions in the state have been providing relief during the pandemic. The infographic can be seen below.