9.16.20

Paycheck Protection Success

Darci Robinson, Business Development Manager at Consumers Credit Union
Support for your business

Learn more about how Consumers partners with our business members.

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The Paycheck Protection Program (PPP) was a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. The Small Business Administration (SBA) will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.

PPP Numbers

Application Process

There were two rounds of financing. The first round ran from April 3 to 16. A second round of funds was released on April 27.

Consumers was one of the first credit unions in the nation to launch a PPP. Existing business members were contacted through email on April 3, announcing Consumers’ participation and sharing the application and required documentation. Approximately 200 businesses responded within the first day. Consumers established dedicated business pages on our website to help explain business resources and processes.

The Small Business Association of Michigan (SBAM) recommends Consumers as a trusted resource. Consumers did not have to market our participation beyond the initial email to members. Word spread quickly among the business community of who was participating and who was easy to work with.

…We can certainly say that we are happy to have worked with you. We had no idea the amount of attention our little business could get from a bank after being ignored by PNC for so long. Your hands on approach to getting the job done was very impressive!

Staffing resources were shifted to support business needs since most lobbies were closed at the time. Employees were able to process applications remotely through secure file transfer and collect signatures through DocuSign. Staff has been in communication with members constantly throughout the application process.

Priority was given to existing business members and personal members with business needs. Consumers encouraged non-members to seek assistance from their primary financial institution first, but we have worked with some who would like to turn their full banking relationship over.

Additional Member Support

Consumers promoted business members who were still open (through drive thru or other like services) on our social media sites. They produced podcasts with credit union leadership, businesses and economic groups. And we partnered with business member Nothing Bundt Cakes to deliver over 1,500 treats to frontline workers at 49 locations in our communities.

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Support for your business

Learn more about how Consumers partners with our business members.

Click Here

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