iTHINK Financial Credit Union helps with the Small Business Administration Paycheck Protection Program Loans.
By: iTHINK Financial | Apr 24, 2020
iTHINK Financial Credit Union was one of the first financial institutions in the country to process loans through the Small Business Administration (SBA) Paycheck Protection Program (PPP), as a certified SBA 7(a) lender. iTHINK Financial received applications from nearly 500 businesses in the first PPP stimulus package and loaned over $33 million before funding ran out last Thursday morning, April 16, 2020. They have nearly 200 more business applications ready to receive assistance when the program is reinstated.
The Paycheck Protection Program, created by the CARES Act, ran through its allocated $349 billion in less than two weeks. Another $310 billion in funding has recently become available for small businesses in need. iTHINK Financial’s team had an unprecedented response to the PPP. National reports indicate that only 8% of small business applications received money through the first phase of the PPP. The iTHINK Financial team worked tirelessly during the first round of fundings and were able to provide funds for 84% of the small businesses that applied for assistance through iTHINK Financial.
Christopher Russell, Vice President of Member Business Lending at iTHINK Financial stated, “Our team is extremely focused on helping our members and business communities. We feel blessed to have had the opportunity to help so many businesses and look forward to helping more companies as funds become available. Our entire team is motivated by the letters, emails and calls expressing how thankful those business owners are that applied with iTHINK Financial. We responded rapidly and fulfilled as many PPP loans as possible.”
Here are what members are saying about iTHINK Financial’s assistance in getting their PPP loan:
James M. Keenan, COO, Charles Brooks Holding Company – “During stressful times like this, there are many people who step up and go beyond the call of duty to ensure they are doing the right thing for their clients. You should be proud of Anthony Furino - he is one of those individuals. Our company did not receive timely service by our current bank to assist with the information and submission of the Payment Protection Program (PPP) loans offered by the Small Business Administration. Through a personal relationship with one of our employees, we were introduced to Anthony, and he was more than willing to help with our application process and submission. I thought you should know that Anthony went above and beyond to assist us. This level of service is something you don’t see often in the financial world today. His unselfishness and call to do the right thing, is something that should be celebrated. I am confident that our company will be doing business with iTHINK Financial soon. On behalf of Charles Brooks Holding Company and iBuyer.com please accept my sincere thanks for the efforts made by Anthony. We owe him a debt of gratitude for his professionalism and responsiveness to our call.”
John Lewis – “Thank you for fighting for me and my business. Only you and your families will ever know how hard your team worked. I want you to know that my family, my company and its employees are grateful. The relief is priceless. Of 30 million small businesses in America only 1.2 million were funded in time, you could not have done a better job for us and all your clients. Facing an unprecedented challenge, YOU have made me proud to be a member of iTHINK Financial.”
Douglas C. Williams – “Tremendous thanks to the iTHINK Financial team including Chris Russell, Ben Maffett, Helen Golden, and Christy Judy and others behind the scenes for the fast, personal attention I got during my submission of a PPP loan application. While my bank (soon to be former bank) Wells Fargo dragged their heels and made excuses and didn't take PPP loan applications until a day before the SBA ran out of PPP money, iTHINK Financial was there for me - and I wasn’t even a member! ... yet… I am a member now! I am in the process of moving all my banking relationships to iTHINK Financial! No more Wells Fargo or any other big bank. Great work to everyone at iTHINK Financial. You have my business and undoubtedly the business of many friends and co-workers I’ve referred to iTHINK Financial who weren't getting anywhere with their banks. I just can't express my gratitude enough.”
For more information or questions about applying for a Paycheck Protection Program loan once more funds are available, please email email@example.com.
iTHINK Financial is a Member-owned financial institution that has provided financial services to families for over 50 years. To be eligible for Membership, you must work for or be retired from a Member Company, live in an approved county, worship or attend school in an approved county, or be an immediate family member of/live in the same household as an existing Member. You can begin taking advantage of their very competitive deposit rates on savings and checking by opening an account online using their secure Online Membership Application, or call 800.873.5100.
About iTHINK Financial
iTHINK Financial, established in 1969, is a growing and dynamic Credit Union, with more than 95,000 Members worldwide and $1.5 billion in assets. A Credit Union is a not-for-profit financial institution that is owned by its Members. Credit Unions generally offer high-yield deposits, low interest-rate loans and low fee structures. iTHINK Financial offers a complete range of products and services including: Checking and Savings accounts, Money Market accounts, Certificates, IRAs, First and Second Mortgages, Car Loans, Visa® Credit Cards, Business Services, and much more.