BHCU — Your Delaware County Credit Union — is proud to report that 100% of their small business members who submitted all of the appropriate documents for a Paycheck Protection Program (PPP) loan received the funding they were looking for. Compared to a report released by the Small Business Administration — which found that 44% of the first round of PPP money went to just 4% of applicants and only 8% of small business applications received money in the first phase — it’s safe to say that BHCU has accomplished a feat for its members.
The BHCU team knew that larger financial institutions were going to seize most of the available PPP money for larger companies, which is why they were fully prepared to service their small business members when they needed them the most. Although small business owners continue to face uncertainty as a result of the coronavirus pandemic, one thing is certain: BHCU’s commitment to helping Delco businesses is stronger than ever.
“We know that many small business owners are often overlooked or even ignored by major financial institutions. More so now than ever before, it was critical for us to move quickly to ensure our business members were getting the attention they deserve,” said BHCU CEO, Gary Golden.
Thanks to their proactive efforts, the BHCU team has achieved a 100% conversion rate of their PPP applicants with 107 total loans paid to date totaling $7.7 million for their business members.
“We were so pleased with the speed, accuracy, clear communication and dedication to helping our business,” commented Laura Sperratore, Chief Operating Officer of Sperr’s Fuel and Heating in Glen Mills, PA. “Commercial Credit Officer, Jerry Dorn, did not just help us through the PPP loan process, but listened and learned about our business, our needs and our goals. The relationship-building piece cannot be overstated. The follow up phone calls with others at BHCU were extremely helpful as well and made us feel like we are in this together.”
As with many small business owners, COVID-19 obviously presented an extreme financial challenge for Matt and Sabrina Kelley, owners of Prodigy Pest Solutions located in Morton. “We tried, unsuccessfully, to apply for the PPP loan through our accountant and were fearful we would not be able to get help. After speaking with BHCU, we felt like there might be some hope. They walked us through the application process, ensuring that all our necessary documentation was there, and we were quickly approved.”
Sherry Varone, CEO of The Ultimate Shave in Glen Mills, shared a similar story. “My experience with BHCU in obtaining a PPP Loan has been nothing short of excellent. Business Development Officer, Jim Pace, kept me informed throughout the process. He kept in constant contact and was very diligent with sharing relevant information since the terms of the loan are constantly being updated. As a new BHCU member, I’m impressed with how everything was handled and the outstanding member service they provide.”
BHCU has been fighting for their members since 1952, and it is clear that they show no signs of stopping. As always, they are committed to helping the members of their community, and they will continue to be proactive throughout this pandemic and long afterwards, so they can help their members on their journey to financial independence.
Founded in 1952 in Ridley Park, Pennsylvania, BHCU, your Delaware County credit union, is a federally insured credit union that provides comprehensive banking services to its members. BHCU is a community-based credit union, exclusively serving Delaware County, PA. Throughout our history, we have maintained an unwavering commitment to helping members save, offering excellent rates and dividends, fair fees and expert advice.