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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.

Small businesses encompass 47% of private-sector
payrolls in the United States according to the Small Business and
Entrepreneurship Council. As a community credit union, Suncoast acknowledges
the important role that small businesses play in the 39 Florida counties the
credit union serves.

“Small businesses have fueled our economy and now more than ever need our assistance in providing resources, capital and guidance to help them weather this unanticipated economic storm,” said Melva McKay-Bass, Senior Vice President of Business Development, Suncoast Credit Union. “I am so pleased that we were able to help so many of our businesses that serve our communities where we live, work and play.” 

Jansen Dance Project, a professional fine arts
training facility based in Tampa, feared the worst when COVID-19 began to
threaten this small business. Troy Jansen, whose wife is a nurse at Tampa
General Hospital, worried he was going to lose his businesses and devastate his
students. 

“Suncoast not only helped but they answered my many
questions and helped me understand how this program worked,” said Jansen. “A
credit union manager called me personally to walk me through the application
process. I was in tears when I found out I was approved.”

“I am mostly proud of the fact that our average loan size is approximately $25,000,” said Kevin Johnson, President & CEO, Suncoast Credit Union. “We believe in the strength of small business because we understand the lifeblood of our economy thrives there. Through a PPP loan, small businesses are able to remain solvent, keep their team members employed and hopefully, survive this unprecedented time in our history.”

Since the start of the COVID-19 pandemic, Suncoast
has opened three new branches in Sumter, Manatee and Charlotte counties. 

  • Wildwood Service Center: 5625 Seven Mile Drive, Suite 102,
    Wildwood, FL 34785
  • Lakewood Ranch Service Center: 11021 FL-64 E, Suite 102,
    Bradenton, FL 34212
  • Port Charlotte at Walmart Service Center: 375 Kings Highway, Port
    Charlotte, FL 33983

About Suncoast Credit Union

Suncoast Credit Union is the largest credit union in
the state of Florida, the ninth largest in the United States based on
membership, and the 10th largest in the United States based on its $12 billion
in assets. Chartered in 1934 as Hillsborough County Teachers Credit Union,
Suncoast Credit Union currently operates 73 full-service branches and serves
more than 895,000 members in the following 39 Florida counties: Alachua,
Brevard, Broward, Charlotte, Citrus, Clay, Collier, DeSoto, Dixie, Duval,
Gilchrist, Glades, Hardee, Hendry, Hernando, Highlands, Hillsborough, Indian
River, Lake, Lee, Leon, Levy, Manatee, Marion, Martin, Miami-Dade, Monroe,
Orange, Osceola, Palm Beach, Pasco, Pinellas, Polk, Sarasota, Seminole, St.
Johns, St. Lucie, Sumter and Volusia. Since its founding in 1990, the Suncoast
Credit Union Foundation has raised and donated more than $29 million to organizations
and initiatives that support the health, education and emotional well-being of
children in the communities that the credit union serves. For more information,
visit: suncoastcreditunion.com or
follow us on social media at: facebook.com/SuncoastCreditUnionlinkedin.com/company/suncoastcredituniontwitter.com/SuncoastCU or instagram.com/suncoastcreditunion

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