Rep. Lawson: FAMU Federal Credit Union to Become an approved Paycheck Protection Program Lending Center
WASHINGTON, DC – U.S. Rep. Al Lawson, a member of the Financial Services Committee, today announced that the Florida A&M University Federal Credit Union will serve as an approved grantor of federal of Paycheck Protection Program (PPP) loans. PPP loans help struggling small business access cash to keep their doors open and retain employees.
After meeting with FAMU FCU officials, and the local minority chamber of commerce, Rep. Lawson spoke with, and wrote, the Secretary of the U.S. Department of the Treasury and the U.S. Small Business Administration urging the approval of the Tallahassee credit union as an approved lender.
“The FAMU Federal Credit Union, serves a unique constituency on Tallahassee’s southside,” said Rep. Lawson. “Having them as an approved lender will expand access to these loans to the small “mom and pop” businesses that have been historically underserved.”
“To make it through this pandemic, small businesses across North Florida are relying on this relief. Many are facing a crisis on many fronts, and access to funding is urgently needed,” Lawson added.
“We are honored to be an approved PPP lender and support small businesses through these challenging times,” said Sheilah Montgomery, President/CEO, FAMU FCU. “We deeply understand the needs of the community and are ready to serve. This is a great opportunity for us to contribute to the sustainability of small business.”
PPP loans are loans of up to $10 million for companies with fewer than 500 employees that can be forgiven if companies use most of the money to cover payroll and keep employees on staff. Congress passed a new coronavirus relief bill in December, which authorized the SBA to offer a second round of PPP loans to businesses with significant revenue loses during the pandemic.
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