Credit unions facilitated tens of thousands of loans during the first round of Paycheck Protection Program (PPP) funding, according to the latest round of data released by the Small Business Administration (SBA), this week.
Since Congress approved the critical program, credit unions have worked with small business owners to secure over 195,000 loans, averaging $49,000 per loan.
"Across the country, the heart of the community lies in a resilient Main Street,” said CUNA President/CEO Jim Nussle. “The SBA’s report is proof that America’s credit unions continue to be there for the people and businesses that keep Main Street strong, even in the toughest of times. It’s at the very core of our ‘people helping people’ philosophy.”
CUNA recently wrote in support of the Paycheck Protection Program Forgiveness Act, which would simplify forgiveness of PPP loans under $150,000.
With an average loan size around $49,000, credit unions have continued to focus on Main Street businesses that might only employ a handful of people but keep local communities strong across the country. The same data indicates that banks’ focus has remained on larger institutions, with average loan sizes more than double those of credit unions.
Additional data, including a breakdown of lending by state, is available on the SBA’s PPP page. Nearly $132 billion in funds remain available for small businesses in need of this critical support.