USF CU Processes $15 Million in Paycheck Protection Loans

USF Credit Union is helping more than 2,400 employees of small businesses in the Tampa Bay area continue to get paid as the credit union processed more than $15 million in federal Paycheck Protection Program (PPP) loans.

Among the recipients was the Florida Institute for Community Studies (FICS) that partners with communities across Florida to help them achieve goals through research, education, training, services and the arts. After learning that their loan was approved, staff at FICS posted the following message on social media:

“We just received news that FICS has been awarded Paycheck Protection Program funding through USF Credit Union! Thank you so much! We can now keep going full-speed ahead with hiring for summer and beyond.”

Kelly Stuart Williams, managing director of Pegasos Public Relations agreed. “USF CU has been handling my personal deposit and loan needs since 1990. They were the first to reach out to me about the PPP program. My Pegasos payroll has now been protected, and I'm proud to make USF CU my business home!”

“The credit union is gratified to be able to help small businesses and their employees in these challenging times,” USF CU CEO/president Richard J. Skaggs said. “This exemplifies exactly what the credit union is all about, giving back to our members and our communities.”

USF CU was among the first credit unions in the country to automate the PPP loan application process. Staff moved quickly when the PPP was first announced to reconfigure its systems to be able to process the applications.

To date, USF CU has had more than 335 PPP loans approved through the Small Business Administration, with much of the funding going to small businesses that provide professional, scientific and technical services, along with businesses working in healthcare and social services.