MANCHESTER, NH (November 10, 2020) St. Mary’s Bank has received the 2020 Credit Union of the Year Award from the New Hampshire District Office of the U.S. Small Business Administration as the leading New Hampshire credit union underwriting the Paycheck Protection Program (PPP) loans.
“We are thrilled at the recognition for our work in supporting local businesses and nonprofits, many of whom serve the underserved,” said Kyle Schneck, SVP/Director of Commercial Banking.
Established by the 2020 US Federal government Coronavirus Aid, Relief, and Economic Security Act (CARES Act), PPP is a $669-billion business loan program that provides immediate working capital to various business entities.
“It’s been designed to keep their employees on the payroll despite disrupted operations and losses of revenue due to COVID-19,” added Schneck.
In total, St. Mary’s Bank assisted 734 small businesses, including 125 nonprofits, with a PPP loan, which in turn supported more than 6,125 employees. He said the numbers, though, only tell part of the story. “We treated every loan request, no matter the size, with the same sense of urgency and care,” he added.
This care was felt by business owners, including Keri Levesque, Owner of Michael Thomas Salon, who cited the staff at St. Mary’s Bank as “reassuring, compassionate, and helpful.”
“When I received the news that my salon was able to receive PPP funds, I was finally able to take a deep breath,” she said.
Michelle Pellerin, CEO/CFO, Pelmac Industries in Auburn, said her experience with St. Mary’s Bank was equally “reassuring.”
“Steve [Scheiner] was so helpful and put my mind at ease, especially because we had no clue what was going to happen,” she said. “He was so attentive and reassuring…He was in contact with me every day either by phone or email.”
The entire process took just several days.
“We applied for the PPP on a Monday, and Steve had it available to us by Friday of that week,” Pellerin said. “It was amazing. We are very, very pleased with how everything fell into place.”
According to Schneck, St. Mary’s Bank also extended its services to non-member business entities, which became members during the PPP application loan process.
“We felt it was our fiduciary responsibility to open our doors to non-member requests,” he said. “We knew these were businesses that were struggling and unable to get a loan through their primary bank.”
As for the immediate future, Schneck said St. Mary’s Bank is prepared for the third round of PPP loans.
“If and when Congress approves the proposed legislation, St. Mary’s will be willing and ready to support any qualifying small businesses and nonprofits with a PPP loan,” he said. “We are prepared to support our community.”
To learn more about St. Mary’s Bank, or PPP, visit stmarysbank.com.
About St. Mary’s Bank
St. Mary’s Bank is a full-service, not-for-profit financial cooperative with branch locations in Manchester, Hudson, Londonderry, Milford, and Nashua and dedicated mortgage centers in Nashua, Concord, and Portsmouth. Founded as the nation’s first credit union in Manchester in 1908, and still headquartered there today, St. Mary’s Bank emphasizes a long tradition of service excellence, convenience, and value in its delivery of progressive banking products and services that help members save, invest, borrow, plan, insure, and retire.
About the U.S. Small Business Administration
The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more visit www.sba.gov.