SAN ANTONIO – This past year was a difficult one, to say the least, and a lot of small businesses really got hit hard.
As a certified community development financial institution, River City Federal Credit Union has been there for local small businesses just looking to keep the doors open and their businesses running.
Jeff Ivey, CEO and president for River City FCU, explained how the group has made an impact during the coronavirus pandemic to assist local small businesses.
How did River City FCU help local small businesses during the pandemic?
“Since 2020, River City FCU has provided over $35 million in Small Business Administration (SBA) Paycheck Protection Program (PPP) loans to local San Antonio businesses,” Ivey said. “As a small credit union that had never processed an SBA loan before, that’s a huge accomplishment. Our dedicated staff members spent hours processing 1,163 applications and contacting local businesses to help them navigate through SBA requirements, and also guide them on how to best utilize the funds for loan forgiveness.”
What does it mean to be a CDFI certified credit union?
“As a CDFI certified financial institution, River City FCU has made it its mission to provide affordable, sensible financial products and services to everyone, regardless of citizenship status,” Ivey said. “This means we are constantly seeking out opportunities to help underserved community members -- who, for whatever reason, don’t have a banking relationship, or are looking for a second chance -- find affordable financial solutions that meet their goals. We often do this through key partnerships with local entities such as the YMCA and Family Services and through key products such as our ITIN Loans and ITIN Mortgages that seek to serve those who do not have an SSN.”
What would you say to local small businesses that are still having a hard time?
“There’s no one-size-fits-all solution when it comes to business, but it helps to know and understand your numbers, seek advice from your local financial institution to help study your current financial situation and come up with a game plan,” said Ivey. “For a majority of the businesses we did SBA loans for, this was the first time that the business has ever borrowed. You’re not going to get passed around in a call center -- you’re going to get someone on our business team that understands your issues and how to help.”
Membership is available to all those who reside, worship, work, study and volunteer in Bexar County. River City FCU has been around since 1936, providing San Antonio residents with products and services for their personal financial needs.
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