On April 24, Valley First Credit Union announced they are now offering Paycheck Protection Program Loans (PPP) for small businesses.
The Credit Union received special approval from the Small Business Administration (SBA) to offer PPP Loans. The loan is a part of the CARES Act and is designed to provide a direct incentive for small businesses to keep workers on their payroll.
Valley First recognized the need in the Central Valley to support small businesses during this difficult time.
“After watching the last round of funding go so quickly and seeing how many of our central valley businesses missed out, we knew we had to get involved. As a local financial institution, we make investments every day to help our community and this is just one of the many ways we can help right now.” said Kathryn Davis, President and CEO of Valley First Credit Union.
Valley First is encouraging applications now to be prepared and ready for submission when the SBA portal opens.
Since the start of the pandemic, Valley First has been focused on meeting the needs of central valley residents and small businesses.
To date they have deferred over $45 million in loan payments for existing members and waived over $200 thousand in fees.
They also have kept every branch open and are not reducing hours.
Ms. Davis further stated, “We feel our members and the community need us right now, which is why we’re working over time and offering emergency loans to help them get through.”
For more information on the PPP Program or to begin the process visit https://www.valleyfirstcu.org/sba-paycheck-protection-program.