SUNCOAST CREDIT UNION SUPPORTS SMALL BUSINESSES THROUGH PAYCHECK PROTECTION PROGRAM LOANS
TAMPA, Fla. (July 14, 2020) – Staying true to the earliest beginnings, Suncoast Credit Union has been focused on helping small businesses survive and thrive during the COVID-19 pandemic. Through June 30, Suncoast Credit Union funded more than 1900 loans under the Paycheck Protection Program totaling $49.5 million.
Suncoast’s average loan size was $25,000, while the national average credit union loan was $49,487 according to the Small Business Administration.
The smallest PPP loan amount provided by Suncoast was less than $1,000, while the largest loan was $867,000. Approximately 26% of loans issued by Suncoast were amounts less than $10,000.