Small Business Lending

Small Business Lending

Allegacy Federal Credit Union understands the importance that small businesses make in our community and we are committed to helping them be their best, now more than ever.

As of May 8, 2020, Allegacy is accepting a limited number of additional PPP applications from existing Allegacy business members. Completed applications will be worked in the order they are received.

Steps to apply:

  1. Use the “How-To” guide to aide in calculating the eligible loan amount
  2. Complete the Application
  3. Complete the Beneficial Ownership Certification
  4. Attach supporting documentation (as outlined in the How-To) and list NAICS and Date Business Started in the body of the email
  5. Use Secure E-mail to send the above documentation to PPPloans@allegacy.org

Not all applications will gain approval by the SBA. For additional resources, please reach out to us here at Allegacy for other business lending solutions to consider.

*Other rules and restrictions apply. For complete program information, visit the U.S. Department of the Treasury.

The federal government passed and signed into law the Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act, on March 27, 2020. The CARES Act provides relief for large + small businesses, industries, contractors, hospitals, individuals and families. A large portion of the relief funding has been allocated to help small businesses pay their employees during the pandemic and weather these uncertain economic times.

With the release of the CARES Act, we have assembled a team to help our Allegacy Business Members navigate this new law and identify all available financial resources.

The Paycheck Protection Program (PPP) initiative provides 100% federally guaranteed loans to small businesses through the Small Business Administration (SBA).

Paycheck Protection Program highlights include*:

  • Eligible Businesses include all those with 500 employees or less
  • Loan sizes are the lesser of 2.5 times average monthly payroll or $10,000,000
  • The funds can be used for payroll, group health, mortgage obligations, rent, utilities, or interest on other debt obligations incurred before February 15, 2020.
  • No collateral will be required, and there will be no collection of any SBA fees

In certain circumstances, the loan may ultimately be completely forgiven.

*Other rules and restrictions apply. For complete program information, visit the U.S. Department of the Treasury.

How to apply:

  1. Use the “How-To” guide to aide in calculating the eligible loan amount
  2. Complete the Application
  3. Complete the Beneficial Ownership Certification
  4. Attach supporting documentation (as outlined in the How-To) and list NAICS and Date Business Started in the body of the email
  5. Use Secure E-mail to send the above documentation to PPPloans@allegacy.org

Not all applications will gain approval by the SBA. For additional resources, please reach out to us here at Allegacy for other business lending solutions to consider.

*Other rules and restrictions apply. For complete program information, visit the U.S. Department of the Treasury.

Application Questions

The $349 billion went quickly and there was far more demand out there than the money allotted. We remain hopeful that Congress will appropriate additional funds for the Paycheck Protection Program (PPP) at which point the loan applications that we have in queue, we will submit immediately. In the meantime, our business team will continue to work closely with our business partners to assess their options going forward.

We are told the SBA assigned control numbers to those applicants that were granted loans. Many of our applicants did not receive a control number assigned to their applications before the program was halted.

For SBA loans, we have historically utilized a third-party vendor to process and to submit applications to the SBA. We continued this practice for the initial round of the SBA’s PPP. However, in expectation of a second round of PPP financing and in an effort to provide the best for our members, we are re-examining that process to identify and address opportunities for improvement.

We understand the worry and concern, realizing business owners need money to continue to pay bills and keep people on the payroll. We are frustrated alongside our members. We will continue to work to fully understand what happened to the members who did not receive loans, advocate for them and, more importantly, ensure that all pending applications will remain in queue for next round of potential funding.

In the meantime, our business team will continue to work closely with our business partners to assess their options going forward.

Explore

other lending options

Business Lending