DUBUQUE, Iowa—Dupaco Community Credit Union has received the U.S. Small Business Administration’s (SBA) Impact Award for being the top Paycheck Protection Program (PPP) credit union lender in the state of Iowa.
Dupaco lent out nearly $30 million to 654 small businesses through the PPP, with an average loan size of just $45,000. Nearly half of Dupaco’s PPP loans were for $10,000 or less. One loan totaled $80.
The SBA’s Iowa District Office recognized Dupaco for its economic contributions through the program.
Above, brothers Steve, Larry and Wayne Silker, owners of Silker's Store in Epworth, Iowa. (M. Blondin/Dupaco photo)
“Dupaco Community Credit Union played a major role in saving a lot of local small businesses and non-profits during the COVID pandemic,” said Jayne Armstrong, district director of the SBA Iowa District Office. “But it is more than the borrowers. It is about our communities and the employees and families that rely on these small businesses and non-profits for their livelihoods.”
More than 99% of Dupaco’s PPP loans went to businesses with 50 employees or fewer. About one in four of all Dupaco’s PPP loans were for $5,000 or less.
One of those businesses Dupaco was able to support was Silkers Store on Main Street in Epworth, Iowa.
The general store has been passed down from father to son for four generations. When the U.S. government established COVID-19 emergency funding for small businesses earlier this year, the Silkers brothers turned to their longtime bank for help accessing a small-dollar PPP loan. They were turned away twice.
“They put the little guy down and had all the big ones ahead of us,” said Steve Silker. “And I’m sure that happened across the country.”
The Silkers were encouraged to reach out to Dupaco for a PPP loan. Within days of applying for a $9,800 loan, they were approved. They have since moved their business account to the financial cooperative that was there for them when they needed help.
Recently released data showed that most of the national PPP funding went to mostly larger companies.
Besides Silkers, Dupaco’s PPP loans helped a variety of small businesses. The types of eastern Iowa businesses accessed loans for less than $900 from Dupaco:
· Butcher
· Cleaning
· Daycare
· Hair salon
· Healthcare service
· Logger
· Personal service
· Photographer
· Quilting
“As a member-owned financial cooperative, Dupaco is a genuine advocate for all members—no matter the size,” said Dupaco President/CEO Joe Hearn. “When some banks put big loans to the front of the line, many small businesses turned to Dupaco and we were happy to help.”