Notre Dame FCU Funds Over 1,000 PPP Loans Helping to Save More Than 20,000 Jobs
June 4, 2020
NOTRE DAME, IN – June 4, 2020 – Notre Dame Federal Credit Union (Notre Dame FCU) announced today it has funded in excess of 1,000 Paycheck Protection Program (PPP) loans totaling more than $177 million. By doing so, it is estimated the credit union has helped save more than 20,000 jobs.
Of the loans funded, over half were for amounts under $50,000, and over 80% of all dollars funded were to non-profit organizations. True to the ideals of the credit union industry, Notre Dame FCU focused its PPP efforts on those businesses who truly needed the funds, regardless of loan size. As a result, hundreds of small businesses and non-profit organizations were able to remain open during the early phases of the pandemic, allowing them to continue to provide much-needed services to their communities.
President and CEO Tom Gryp said, “So many small businesses were being ignored by their incumbent financial institutions. For many, the PPP loan was the only available lifeline to keep their doors open during the early stages of the coronavirus pandemic. It was incredible to watch the partners of Notre Dame FCU step up to ensure these businesses receive PPP funding in such a timely manner.”
Notre Dame FCU Chief Retail Officer, John Wilkening, added, “When the opportunity to save jobs for the community’s small businesses came up, there was no time to waste. The lifeblood of the community was in need. We trained and redeployed partners (employees) overnight. The thank you letters and notes we are now receiving tell us we made a real difference. The effects of this program are felt right at the kitchen table.”
Notre Dame Federal Credit Union (Notre Dame FCU) is a not-for-profit financial cooperative. With assets exceeding $650 million and more than 57,000 member-owners worldwide, Notre Dame FCU's dedicated partners (employees), coupled with a wide array of financial services, provide members a personalized experience through the credit union's nine convenient branch locations, its virtual branch (Shamrock Center), and through its robust online banking platform and mobile apps. Founded in 1941, Notre Dame FCU has grown from its origins in the Administration Building at the University of Notre Dame, and today serves over 900 affiliated groups. Visit us at www.NotreDameFCU.com. Insured by NCUA.