A look at New York state SBA Paycheck Protection Program data indicates that Adirondack-region credit unions, some of which do not generally participate in traditional SBA loan programs, provided small businesses with millions of dollars in loans of $150,000 or less supporting thousands of jobs.
Leading the pack of the Adirondack-region-based credit unions that provided PPP loans was Northern Credit Union, which provided $30 million in PPP funds.
“Small businesses are the heart of our local economy and provide so much value with their products and services, employees, and contributions to the community,” said Rob Barlow, director of commercial lending with Northern Credit Union. “We knew we had to step up and do the right thing during this difficult time. We were honored that 448 small businesses trusted Northern Credit Union to secure over $30 million of funds and assist more than 4,000 employees in the Northern New York area.”
Other top PPP lenders based in the region, according to New York state data, include SeaComm FCU, which provided $5,685,006 in loans supporting 983 jobs; Dannemora FCU, which provided $3,088,297 in loans supporting 502 jobs; Adirondack Regional FCU, which provided $2,158,450 in loans supporting 297 jobs; and St. Lawrence FCU, which provided $1,351,941in loans supporting 205 jobs.
“We were so pleased to get accredited to lend under the Paycheck Protection Program and be part of the Adirondack Region’s credit union movement that saw the community need and responded to support our communities through these unprecedented time,” said Russel Cronin, Adirondack Regional FCU CEO.
Among the additional credit union PPP lenders based in the region, Great Meadow FCU, Peru FCU and TrailNorth FCU collectively helped support hundreds of jobs.
Through August, credit unions statewide facilitated more than 9,250 PPP loans totaling over $430 million to support 60,135 jobs, according to New York state data. The vast majority of those loans — approximately 8,660 of them — were for under $150,000.