DCCU Recognized for Support of Small Businesses Through PPP
The Virginia Credit Union League recently announced DuPont Community Credit Union (DCCU) as the winner of the 2020 Louise Herring Philosophy In Action Award in the over $1Billion asset size category.
DCCU received first place for its approach to helping small businesses navigate the Paycheck Protection Program (PPP), a forgivable loan program delivered through the Small Business Administration (SBA) that offers financial support to businesses impacted by the pandemic.
Eager to assist small businesses during this unprecedented time, DCCU had to first become an SBA 7(a) lender. Then, DCCU convened a multidisciplinary team and took a hands-on approach to cover all aspects of the administration of the PPP. DCCU worked to ensure the immediate needs of the applicants were met, while also looking at their complete financial picture in order to help prepare them for long-term success post-pandemic. To date, DCCU has helped over 445 businesses receive funding through the PPP. Over $15 Million has been loaned to help local businesses meet their payroll needs and other financial obligations.
“Small businesses are the backbone of our community,” said Steve Elkins, DCCU’s President and CEO. “It was important for us to help business owners get the resources they needed, but more importantly, we made sure the participants understood all of the program requirements, so they are protected in the long run.”
The Louise Herring Philosophy In Action Award honors credit union supporter, advocate, and champion, Louise Herring, and recognizes the practical application of the credit union philosophy of “People Helping People” through the development of programs and services that benefit credit union membership. DCCU’s winning entry will be considered for CUNA’s National Award, which will be announced at a later date.
About DuPont Community Credit Union
DuPont Community Credit Union was founded in 1959 and is headquartered in Waynesboro, Virginia. With thirteen locations throughout the Central Shenandoah Valley, DCCU serves over 109,000 members and has an asset size of $1.4Billion. For more information, please visit our website at mydccu.com.