Mid Oregon Credit Union, the only financial institution headquartered in Central Oregon, completed approval of 37 Paycheck Protection Program (PPP) loans during the past week. The total approved funding from SBA was $9,309,789 that protected 776 jobs locally. The average number of employees per borrower is 21 and the average loan amount was $251,615.
“Our Commercial Services team did a great job of working through the red tape to get this program funding secured for our business members,” says Kevin Cole, Executive VP/CFO. “The demand and volume of interest for this program was overwhelming, and it was a fast and furious week to accomplish this level of loan funding in such a short timeframe.”
The Paycheck Protection Program exhausted the $349 billion federal stimulus package by mid-April, and Congress approved another $310 billion this week to support the businesses still in need of help who were not approved in the initial program funding. Mid Oregon has received an additional 90 applications in anticipation of the system coming back online for more lending to small businesses.
