Community Development CU’s make over $622 million in loans to underserved small businesses

The introduction of the Paycheck Protection Program (PPP) came with a number of challenges, but Inclusiv members stepped up to serve as financial first responders, helping small and micro businesses navigate the COVID-19 crisis.

Community Development Credit Unions have worked tirelessly to provide small businesses, including many minority-owned businesses not prioritized by large lenders, access to PPP's forgivable loans. Congratulations to the community development credit unions that have been a lifeline to their members and their communities! As of the beginning of this month, 6,923 PPP applications were sourced through 35 CDCUs, resulting in a total of $622,440,538 in SBA approved loans.

The COVID-19 pandemic has created unprecedented challenges for CDCUs working tirelessly to serve their members when they are needed most. Functioning within a crisis under increased demand for support has been a major strain on operations for many of our members. To inform credit unions of available assistance, compliance guidelines, and more, Inclusiv has compiled a resource page with current information from government agencies like the CDC, NCUA, the CDFI Fund, the IRS, and other related agencies and organizations. Stay current on fast-moving COVID-19 developments.

Find Inclusiv's frequently updated hub of resources here