Local credit union issues $3 million in emergency loans
Chaffey Federal Credit Union has provided 84 of its members with Paycheck Protection Loans worth a total of $3.05 million.
“CFCU is pleased that we have been able to help dozens of small businesses in our community to secure PPP loans,” said Kevin Posey, Chaffey Federal’s chief executive officer, in a statement. “In the midst of the pandemic turmoil, our Chaffey team dove into the program as it was launched and worked tirelessly to understand all of the moving parts and intricacies of the application requirements in order to streamline the process and create a less daunting task for our borrowers.”
Launched on April 3 by the U.S. Small Business Administration, Paycheck Protection loans were meant to help small businesses hurt by COVID-19 to keep their workers employed. The program ended on August 8.
Loans were provided for a five-year term with no fees and one percent interest. Sixty percent of the loans were to cover payroll costs, including benefits, while 40 percent were for rent, utilities, or mortgage payments, according to the statement.
Chaffey Credit Union has branch offices in Upland, Rancho Cucamonga, and West Covina. It serves the Inland Empire and the San Gabriel Valley.