A local credit union created a new loan product to meet the needs of Upstate businesses amidst the pandemic. During the first round of Payment Protection Program (PPP) loans, Carolina Foothills Federal Credit Union (CFFCU) saw that a large portion of these government-subsidized loans were distributed to less-than-small businesses, while local businesses suffered. CFFCU jumped into action to distribute Small Business Administration (SBA) loans to members who were not getting the attention of larger lenders, they did this by quickly putting the framework in place to distribute SBA loans, something they had never done before.
During round two of funding, CFFCU saw huge success in helping their business accounts, a number of staff worked weekends and evenings to be sure all the documents were in place for proper funding. In the first four weeks, the local credit union was able to fund sixty-eight loans for a total of $1.58 million, with the smallest loan being only $817 to a local salon.
Upstate small businesses were thankful for the support of a local credit union during a time where their hard work and dreams were at risk. In total, the credit union funded 51% of PPP loans to minority-owned businesses, 46% to women-owned businesses, and 24% to minority, women-owned businesses.
CFFCU is a not-for-profit financial cooperative where the members are the owners. They have five branches and three in-school branches serving the Upstate of South Carolina.CFFCU has a passion for serving their members and community through financial literacy. If you're interested in learning more about the credit union, you can visit their website at www.carolinafoothillsfcu.coop.