TAMPA, Fla.– Suncoast Credit Union said it remains focused on helping small businesses survive and thrive during the COVID-19 pandemic, and that through June 30 it had funded more than 1,900 loans under the Paycheck Protection Program, totaling $49.5 million.
Suncoast’s average loan size was $25,000, while the national average credit union loan was $49,487, according to the Small Business Administration.
The smallest PPP loan amount provided by Suncoast was less than $1,000, while the largest loan was $867,000. Approximately 26% of loans issued by Suncoast were amounts less than $10,000.
Small businesses encompass 47% of private-sector payrolls in the United States according to the Small Business and Entrepreneurship Council. As a community credit union, Suncoast said it acknowledges the important role that small businesses play in the 39 Florida counties the credit union serves.
“Small businesses have fueled our economy and now more than ever need our assistance in providing resources, capital and guidance to help them weather this unanticipated economic storm,” said Melva McKay-Bass, SVP-business development. “I am so pleased that we were able to help so many of our businesses that serve our communities where we live, work and play.”
Suncoast noted Jansen Dance Project, a professional fine arts training facility based in Tampa, feared the worst when COVID-19 began to threaten this small business. Troy Jansen, whose wife is a nurse at Tampa General Hospital, worried he was going to lose his businesses and devastate his students.
“Suncoast not only helped but they answered my many questions and helped me understand how this program worked,” said Jansen. “A credit union manager called me personally to walk me through the application process. I was in tears when I found out I was approved.”
“I am mostly proud of the fact that our average loan size is approximately $25,000,” said Kevin Johnson, president & CEO of Suncoast Credit Union. “We believe in the strength of small business because we understand the lifeblood of our economy thrives there. Through a PPP loan, small businesses are able to remain solvent, keep their team members employed and hopefully, survive this unprecedented time in our history.”
Since the start of the COVID-19 pandemic, Suncoast said it has also opened three new branches in Sumter, Manatee and Charlotte counties.
- Wildwood Service Center: 5625 Seven Mile Drive, Suite 102, Wildwood, FL 34785
- Lakewood Ranch Service Center: 11021 FL-64 E, Suite 102, Bradenton, FL 34212
- Port Charlotte at Walmart Service Center: 375 Kings Highway, Port Charlotte, FL 33983