Greylock FCU Helps Veteran-Owned Business Secure PPP Loan for Member
April 29, 2020
Greylock Federal Credit Union is an independent company, wholly owned by its members. Greylock is a federally-chartered credit union, organized under strict regulatory laws that are monitored and enforced by the National Credit Union Administration, an agency of the U.S. Government. All accounts are insured by the National Credit Union Share Insurance Fund (NCUSIF).
PITTSFIELD, MA – On Tuesday morning, Congressman Richard E. Neal joined Small Business Administration (SBA) Regional Administrator Wendell Davis, SBA Branch Manager Oreste Varela, President and CEO of Greylock Federal Credit Union John Bissell, and Senior Vice President and Chief Lending Officer Jodi Rathbun-Briggs at Repro Systems in Pittsfield to see the SBA’s Paycheck Protection Program (PPP) loans in action.
Repro Systems is a second generation, Veteran-owned family business that has served the needs of architects, engineers, and the construction industry with a large selection of reprographic services for over 40 years. When the coronavirus pandemic began, owner Bryan Cadran had to begin laying off staff. However, that was not the case for long. Through Greylock Federal Credit Union, Cadran was able to secure a PPP loan in the first round of allocation totaling $21,000 to bring three workers back and a fourth will be returning soon.
“Hearing stories like Bryan’s is incredibly reassuring,” said Congressman Neal, Chairman of the House Committee on Ways and Means. “As an author of the CARES Act, it was businesses like his that we had in mind when we were crafting the SBA portion of the bill. These funds are meant for small businesses who found themselves trying to stay afloat during these trying times through no fault of their own. I am appreciative to Greylock for their assistance to this business and the 140 others they helped during the first round.”
“I am grateful to Chairman Neal for his leadership on the PPP program. He has always fought for our small businesses and for the stability of our local economy,” said Greylock Federal Credit Union’s CEO/President John L. Bissell. “I am also incredibly proud of the commitment of Greylock’s team to work around the clock to save almost 3,000 local jobs during the first round of funding. We have a long way to go to make sure all of Berkshire County’s small family businesses are getting the assistance they deserve. With Congressman Neal’s support of additional PPP funding, Greylock and its partners will continue to fight for our community’s economic well-being.”
As of April 13, 2020, there were 27,315 small business loans that were approved across Massachusetts totaling $7,073,245,593.
The Emergency Interim Funding Package passed last week included an additional $310 billion for this program with $30 billion reserved for community-based lenders, small banks and credit
unions and $30 billion for medium-sized banks and credit unions. Small business support was expanded beyond PPP by securing $50 billion for SBA disaster lending, translating into more than $350 billion in loans, and $10 billion in SBA disaster grants.