Grasslands Federal Credit Union has donated more than $25,000 to help local non-profits with funds generated from processing fees tied to the federal Paycheck Protection Program.
The credit union is an authorized Small Business Administration lender and collects origination fees for administering the PPP loans.
More than $25,000 from those fees is going back to local non-profits, according to a company spokeswoman.
The credit union has branches in Circle and Baker, and serves McCone, Garfield, Dawson, Richland, Wibaux, Roosevelt, Valley, Phillips, Petroleum, Rosebud, Custer, Fallon and Prairie county residents.
According to the company, 54 Montana business have been helped under the PPP, starting in March. The program was designed to help provide financial relief for businesses economically impacted by the COVID-19 virus.
The credit union received origination fees for administering the PPP loans and the loan recipients helped to choose which local non-profit the financial donation would go to.
According to the company spokeswoman, $750 from each loan transaction was sent to the non-profit they had chosen. Some chose to split the donation between several non-profits, while others donated the lump sum to one organization.
“Non-profits have been hit hard during COVID-19 due to the cancelation of fundraisers and annual events that typically fund their mission’s efforts,” said Emily Guldborg, manager and CEO of Grasslands FCU. “With the credit union philosophy of ‘people helping people’ in mind, we wanted to do our part to bridge the gap and give back to the communities that have long supported us. We hope to inspire other members of the community to continue reaching out to help one another during this critical time.”
The credit union also announced in the future it would distribute about $10,000 in additional funds through the PPP.