WASHINGTON–A number of credit union organizations and at least one credit union have received funds from the Paycheck Protection Program, according to data made available by the Small Business Administration (SBA).
Under pressure from some members of Congress, the media and other groups, the SBA has released information on loans of at least $150,000 that includes the names of recipients and a range for the amount of their loans. Specific figures are not included in the data.
According to the SBA database, among those receiving funds:
Loans Between $5 Million and $10 Million
CU Direct, Ontario, Calif. Loan made through the National Cooperative Bank
Loans Between $350,000-$1 Million
Credit Union Executives Society, Madison, Wis. Loan made through Summit Credit Union
New England Credit Union Services, a unit of the Cooperative Credit Union Association, Marlborough, Mass. Loan made through Alloya Corporate.
National Federation of CDCUs (Inclusiv), New York City. Loan made through CRF Small Business Loan Co.
Pure IT Credit Union Services, a CUSO based in Cypress, Texas. Loan made through Primeway FCU
Loans Between $150,000 and $350,000
National Credit Union Foundation, Washington, D.C. Loan made through Summit Credit Union.
Credit Union Lending Systems, St. Louis. Loan made by Arsenal Credit Union.
Other Data Points
The data also show numerous cooperatives have received funds, as have a multitude of mortgage banking companies.
In addition, the PPP data show a loan for between $1 million and $2 million to an organization identified as “Federal Credit Union” at 24 Shark River Road in Tinton Falls, N.J. A Zillow search shows that address to be a residential home. The only credit union located in Tinton Falls, N.J., is the $287-million United Teletech FCU. The Loan to Federal Credit Union was made by Kabbage.