The Small Business Administration's (SBA) Montana District recently recognized Montana’s Credit Unions (MCU), alongside two other Montana lending associations, for their efforts in sustaining small businesses by helping them access the vital funds offered through the Paycheck Protection Program (PPP). In total, MCU was able to provide more than $24.4 million in forgivable PPP loans to local businesses in need.
“Montana lenders are the unsung heroes of the PPP,” said Brent Donnelly, Montana SBA District Director. “Throughout the entire PPP process, our state’s bankers and financial advisors have stepped up to work long hours and connect small businesses to much-needed capital. We’re extremely thankful for the Montana lenders that went above and beyond in 2020, and we’re grateful for this opportunity to recognize these associations for the impact they had on our state’s business community.”
In addition to the funds provided through PPP loans, credit unions across the state stepped up to provide over $745,500 in emergency loans, $10,100 in residential mortgage forbearance, $61 million in payment extensions to members, and $30.4 million in commercial note forbearance throughout the year.
“We are honored to have received this award on behalf of our incredible credit unions across the state who have acted as financial first responders to meet the changing needs of our members during this challenging time,” said Tracie Kenyon, president/CEO of MCU. “We strive to follow the credit union philosophy of ‘People Helping People’, and we will always do our best to adapt and provide for the communities and members that do so much for us.”
MCU received the award at an outdoor ceremony held Dec. 18, with other award recipients and several local business owners, who benefited from PPP support.