New York University FCU, which has a small staff but large goals of serving the community, has been able to help many of its members during the pandemic by participating in the SBA’s Paycheck Protection Program, processing nearly 20 PPP loans.
But during the process, they noticed a major hurdle: the forgiveness process. The credit union knew technology existed to streamline the process, but the volume of forgiveness applications to be reviewed was great compared to their small, yet dedicated staff, explained Mira Ness, NYU FCU CEO.
So NYU FCU, as many other credit unions seeking to improve their communities and empower people of all ages to become financially independent have done, turned to the New York Credit Union Foundation for assistance.
“The Foundation grant application process was very easy, and we were approved very quickly,” Ness said. “This was very appreciated during the pandemic, during a time of uncertainty and urgency.”
NYU FCU, based in Manhattan, was awarded a $2,000 Small Credit Union grant to use toward Paycheck Protection Program loan forgiveness technology created by Alpharank, one of the New York Credit Union Association’s strategic partners.
The automated software for processing PPP loan forgiveness helps ensure that applications are properly reviewed and processed without error. Alpharank’s automated PPP forgiveness platform walks borrowers through the entire forgiveness reporting process in simple steps, accurately gathering pertinent documentation and linking it to financial statements provided by the credit union, reducing the potential for fraud.
“We are a member of the Foundation, and recommend to those that are not utilizing the Foundation’s grant opportunities to take advantage of what is available,” Ness said. “We are extremely appreciative of the help that has been provided by the Foundation.”
To achieve its mission of fostering the financial independence of New Yorkers through credit unions, the New York Credit Union Foundation provides financial support through four grant programs designed to meet the needs of the New York credit union community, and are enacted on both emergency and an as-needed basis.
More information about the Foundation’s grant program can be accessed by clicking here.