NOTRE DAME, Ind. – Notre Dame Federal Credit Union said it has funded in excess of 1,000 Paycheck Protection Program (PPP) loans totaling more than $177 million.
By doing so, Notre Dame FCU estimated it has helped save more than 20,000 jobs.
According to NDFCU, of the loans funded, over half were for amounts under $50,000, and over 80% of all dollars funded were to non-profit organizations. “True to the ideals of the credit union industry, Notre Dame FCU focused its PPP efforts on those businesses who truly needed the funds, regardless of loan size,” the credit union said.
“So many small businesses were being ignored by their incumbent financial institutions,” said President and CEO Tom Gryp. “For many, the PPP loan was the only available lifeline to keep their doors open during the early stages of the coronavirus pandemic. It was incredible to watch the partners of Notre Dame FCU step up to ensure these businesses receive PPP funding in such a timely manner.”
The $650-million Notre Dame FCU has more than 57,000 members.
Report Examines Fee Income
Separately, in Tampa, the Business Observer included USF Federal Credit Union in a roundup of the fee income local institutions are likely to see as the result of participating in the Paycheck Protection Program.
Noting FIs that processed PPP loans received fees ranging from 1% to 5% of the loan amount, USF Federal Credit Union processed some 335 PPP applications at the time of the report, worth more than $15 million. At around $45,000 per loan, at 5% for loans worth less than $350,000, that means the credit union could have generated up to $753,750 on PPP loans, the report stated.
"The credit union is gratified to be able to help small businesses and their employees in these challenging times," USF FCU President and CEO Richard Skaggs said in a release. "This exemplifies exactly what the credit union is all about: giving back to our members and our communities."