776 Jobs Protected
Mid Oregon Credit Union, as the only financial institution headquartered in Central Oregon, completed approval of 37 Paycheck Protection Program (PPP) loans during the past week. The total approved funding from SBA (Small Business Administration) was $9,309,789 that protected 776 jobs in Central Oregon. The average number of employees per per business borrower is 21, and the average loan amount was $251,615.
“Our Commercial Services team did a great job of working through the red tape to get this program funding secured for our business members.” says Kevin Cole, our Executive VP/CFO. “The demand and volume of interest for this program was overwhelming, and it was a fast and furious week to accomplish this level of loan funding in such a short time frame.”
Another Round of Funds Coming Available
The Paycheck Protection Program exhausted the $349 billion federal stimulus package last week, and Congress approved another $310 billion this week to support the businesses still in need of help who were not approved in the initial program funding. We have received an additional 90 applications in anticipation of the system coming back online for more lending to small businesses.
We understand many businesses which wanted the program didn’t get in on the first round, we hope many are able to get funding in round 2. Our Commercial Services team did it’s best to respond under very challenging circumstances, and we are thankful so many were approved.
In spite of staff working remotely, a rushed federal program roll out with little warning, stimulus checks going out at the same time (and all the calls to find out when they would arrive) and our long-scheduled online banking platform upgrade, much was accomplished. We appreciate the work done by our team.