Since the COVID-19 pandemic reached Minnesota, the state’s credit unions have provided Main Street relief through business loan payment extensions and Paycheck Protection Program loans.
Credit union from across the state are responding to the economic impacts of the pandemic by helping businesses get access to loans and navigate resources.
A recent survey of more than three quarters of Minnesota credit unions indicate that:
“During these unprecedented times, we feel that it is important to do everything we can to provide financial support and resources for our members and community,” said Aaron DeJong, president/CEO, Red Wing CU. “Participating as a lender for SBA’s Paycheck Protection Program has been an important avenue for providing direct support to the small businesses in and around Red Wing. The idea that we are helping local businesses maintain their employment levels for the next couple of months is extremely rewarding.”
“We have helped 237 businesses and non-profits in rural central Minnesota,” said Chuck Albrecht, CEO of Mid Minnesota FCU, (Brainerd). “This includes a sanitation company that was about to lay off 50% of its workforce due to lack of seasonal cabin traffic; 8 nonprofits; and multiple businesses that were turned away from their large primary financial institution not taking additional applications.”
“We believe the impact to our community is going to be better if we are involved,” Chris Guarnera, RBCU’s vice president of commercial sales said. “It’s important for us to support the people that have supported us through the years.” RBCU’s (Bloomington) loan applications have come from a variety of business owners of different sizes. Their smallest loan was for $2,200 to a sole proprietorship; and no single loan has topped $750,000, Guarnera said.
The Minnesota Credit Union Network gathered comments from business owners who received extensions or PPP loans: