GLENDALE, Calif.– Through the SBA’s Paycheck Protection Program (PPP), California Credit Union (is reporting it provided 546 small businesses with loans totaling more than $53.4 million. These PPP loans are estimated to have helped save or restore approximately 5,500 jobs across Southern California, the credit union said, adding it has has a 100% approval rate for its eligible SBA loan applications, which largely supported businesses averaging between 10 – 12 employees.
“Small local businesses are the backbone of our economy, and the SBA program has been an absolute lifeline to help these businesses survive the pandemic. When the program launched, our team immediately jumped into action, working seven days a week to help them access these funds, which in many cases were the only option to keep their doors open, the lights on, and staff on payroll,” said CCU President/CEO Steve O’Connell. “To meet demand, we redeployed and trained staff from other credit union areas, who have worked around the clock to assist members and submit applications. We continue to receive letters and emails from local businesses thanking us for our help, which show us the real impact this program is having in supporting the financial health of our communities.”
Since the program became available, the credit union has reached out to its business members to offer support and ensure they were aware of the loans, CCU said.
“As a preferred SBA lender, we’ve been committed to serving businesses in our communities since 2008 with our business banking services,” said O’Connell. “We are fortunate to have the business banking expertise and infrastructure in place to rally our resources, move quickly to make the application live as soon as it was launched, and help our business members access the program in both rounds.”