State Leaders In PPP Lending

Which credit unions led their states in the number of Paycheck Protection Program loans funded?

 
 

The availability of funding for small businesses is essential to keeping local economies afloat. In a 2019 Forbes article, writer Nish Acharya notes: “Across America, cities, states, and regions have spent the last decade transforming their economic development strategies to emphasize local entrepreneurship, university partnerships, and local small business support.”

That kind of activity extends to credit unions, too.

“We have been providing small business loans to the community for more than 20 years,” says Dan Smithson, CEO of Star USA Federal Credit Union ($158.7M, Charleston, WV). “We know firsthand the role these businesses play in our local economy.”

Indeed, small businesses play a critical role in local economies. Unfortunately, the coronavirus pandemic has forced businesses to close for health and safety concerns, throwing into flux the future of companies, jobs, livelihoods, and communities. 

“Small businesses, specifically Main Street businesses that are often overlooked by larger financial institutions, need and want commercial services,” says Tim Verreault, executive vice president and chief operating officer of Evergreen Credit Union ($331.4, Portland, ME). “We pride ourselves more for being a valued resource for Main Street businesses than we do for being the largest credit union producer of PPP loans in Maine.” 

To combat the potential long-term deleterious effects of the virus on the American economy, U.S. lawmakers passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act in March 2020. The act established a $659 billion fund to provide business loans to cover staffing and other costs. The Paycheck Protection Program promised necessary funding for small business, and credit unions worked long hours to ensure their business members could tap into that assistance.

“Most of the small businesses in our community had nowhere to turn for PPP loans as few lenders here were offering the program,” says Pam Fleuette, CEO of Tidemark Federal Credit Union ($301.4M, Seaford, DE), a cooperative that serves rural areas, small towns, and a resort area on Delaware’s eastern coast. “If their financial institution did offer the program, when they applied, they never got a response. We were able to turn applications around in one or two days.”

Now, as PPP loans start to enter the forgiveness stage, credit unions must pivot from originating loans to educating borrowers about the various requirements to receive forgiveness.

“We stand ready to provide additional assistance as needed,” says Charles Friederichs, CEO of Central Minnesota Credit Union ($1.2B, Melrose, MN).

On July 6, the Treasury Department released data that shows the full scope of the Paycheck Protection Program. In a previous post, Callahan & Associates looked at the number of jobs saved by credit union PPP efforts. In the table below, the firm drills down further to uncover the credit union PPP leaders according to total number of loans made to borrowers in a given state. 

How do you compare?

 
 

TOP PPP CREDIT UNIONS BY STATE

FOR U.S. CREDIT UNIONS | DATA AS OF 07.06.20
© Callahan & Associates | CreditUnions.com
Credit Union Name State Total # Loans # Loans < $150 Actual $ Loaned Avg. Under 150k # Loans >$150 Est. $ Loan
Alaska USA FCU AK 1,378 1,290 $36,200,783 $28,063 88 $40,000,000
Redstone FCU AL 1,074 1,044 $18,123,157 $17,359 30 $10,050,000
Arkansas FCU AR 165 165 $2,828,249 $17,141 N/A $0
Desert Financial FCU AZ 1,061 1,013 $25,473,094 $25,146 48 $24,100,000
Redwood Credit Union CA 1,845 1,676 $59,264,010 $35,360 169 $74,875,000
Canvas Credit Union CO 700 686 $12,853,058 $18,736 14 $6,875,000
Nutmeg State Financial Credit Union CT 222 195 $6,267,864 $32,143 27 $19,450,000
Navy FCU DC 61 60 $855,888 $14,265 1 $250,000
Tidemark FCU DE 187 180 $4,561,983 $25,344 7 $2,175,000
VyStar Credit Union FL 4,431 4,295 $103,693,337 $24,143 136 $42,900,000
Delta Community Credit Union GA 683 658 $14,363,100 $21,828 25 $8,375,000
HawaiiUSA FCU HI 284 272 $6,665,805 $24,507 12 $3,850,000
Dupaco Community Credit Union IA 481 453 $9,671,848 $21,351 28 $11,625,000
Idaho Central Credit Union ID 3,804 3,617 $86,770,300 $23,990 187 $82,700,000
Citizens Equity First Credit Union IL 504 474 $10,808,156 $22,802 30 $13,725,000
Teachers Credit Union IN 502 468 $13,045,064 $27,874 34 $13,150,000
CommunityAmerica Credit Union KS 520 509 $9,294,861 $18,261 11 $4,000,000
L&N Credit Union KY 163 158 $3,330,400 $21,078 5 $1,250,000
Barksdale FCU LA 530 524 $9,349,479 $17,843 6 $5,600,000
Digital FCU MA 745 681 $17,346,752 $25,472 64 $33,300,000
Navy FCU MD 499 488 $9,629,677 $19,733 11 $4,850,000
Evergreen Credit Union ME 376 367 $7,287,577 $19,857 9 $2,250,000
Lake Michigan Credit Union MI 929 835 $27,268,190 $32,657 94 $56,275,000
Central Minnesota Credit Union MN 1,652 1,564 $34,864,004 $22,292 88 $50,900,000
First Community Credit Union MO 1,308 1,282 $26,384,010 $20,580 26 $9,050,000
Members Exchange Credit Union MS 163 163 $2,334,205 $14,320 N/A $0
Clearwater FCU MT 452 444 $8,460,029 $19,054 8 $4,100,000
Truliant FCU NC 818 789 $19,951,030 $25,286 29 $11,050,000
First Community Credit Union ND 389 378 $8,264,023 $21,862 11 $5,275,000
Centris FCU NE 351 346 $7,602,504 $21,973 5 $2,925,000
Triangle Credit Union NH 300 285 $8,926,930 $31,323 15 $7,525,000
Affinity FCU NJ 782 703 $20,638,862 $29,358 79 $35,700,000
Nusenda FCU NM 550 479 $14,132,025 $29,503 71 $40,600,000
Greater Nusenda Credit Union NV 1,948 1,810 $48,700,147 $26,906 138 $89,550,000
ESL FCU NY 1,313 1,174 $28,940,850 $24,651 139 $116,000,000
Wright-Patt Credit Union OH 866 774 $24,300,133 $31,396 92 $48,075,000
Tulsa FCU OK 254 250 $5,233,244 $20,933 4 $1,425,000
OnPoint Community Credit Union OR 2,292 2,209 $55,046,485 $24,919 83 $28,350,000
Members 1st FCU PA 1,627 1,470 $50,607,588 $34,427 157 $67,275,000
Navigant Credit Union RI 1,098 976 $32,586,430 $33,388 122 $54,375,000
South Carolina FCU SC 401 388 $10,360,609 $26,703 13 $3,250,000
Black Hills FCU SD 626 603 $14,514,853 $24,071 23 $11,125,000
Eastman Credit Union TN 256 255 $4,184,961 $16,412 1 $250,000
University FCU TX 1,013 989 $22,673,179 $22,925 24 $11,350,000
Mountain America FCU UT 5,636 5,279 $146,073,120 $27,671 357 $161,025,000
Navy FCU VA 1,356 1,283 $28,083,491 $21,889 73 $27,550,000
Vermont State Employees Credit Union VT 395 382 $9,527,179 $24,940 13 $4,950,000
BECU WA 2,358 2,276 $61,460,970 $27,004 82 $35,275,000
Summit Credit Union WI 1,396 1,330 $33,914,421 $25,500 66 $28,250,000
Star USA FCU WV 85 79 $2,246,770 $28,440 6 $2,350,000
Atlantic City FCU WY 52 51 $1,408,550 $27,619 1 $250,000

Source: United States Treasury Department

Duncan Bartley contributed to this article.

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