BELLINGHAM, Wash. — Huge demand for payment protection loans created a backlog in the system last week, but credit unions across Washington still managed to help thousands of businesses get them before money ran out.
The Northwest Credit Union Association in a news release says Washington credit unions and other financial institutions helped 30,000 small businesses receive approval for $7 billion, which will allow them to continue paying their staff for up to eight weeks.
The NCUA specifically called out Bellingham-based WECU for their work to secure $6 million in PPP loans for local businesses, including the popular Bellingham Cider Company.
BCC owner Bryce Hamilton says if it wasn’t for WECU’s help, they may have had to shut down forever.