O’Fallon, Mo. –West Community Credit Union, a certified SBA lender who assisted businesses in obtaining the Paycheck Protection Program (PPP) loans, is pleased to be in the top 100 Credit Unions nationwide who offered the program; top three in credit union production in MO by funding $22,229,100.
As part of the federal CARES Act, the SBA began offering the program to small businesses with funds to pay up to eight weeks of payroll costs as well as mortgage interest, rent and utilities during the COVID-19 pandemic. The West Community business lending team worked tirelessly during funding and were able to assist 100% of the business applicants who qualified for assistance during the 18 week time period.
“In economic uncertainty it’s critical for us to be there to provide support and financial relief for our business members and businesses that serve our communities,” stated Jason Peach, West Community President/CEO. “Our highly engaged team was determined to help as many businesses as possible, keeping nearly 2,000 community members on payroll– and that’s a great feeling.”
West Community Credit Union has been a business lender for over 15 years and serves businesses in St, Louis, St Charles and Boone Counties. “We are committed to making a difference in and supporting our communities.” Richard Dillard, Director of Business Services stated. “If there is additional funding made available, we are well positioned and ready to help business owners.” As of August 8, 2020 the SBA is no longer accepting PPP loan applications from lenders. West Community Credit Union is monitoring updates from Congress about a possible extension or changes to the program.