SANDY, Utah, March 16, 2021 /PRNewswire/ -- For the 2020 fiscal year, the Small Business Administration (SBA) ranked Mountain America Credit Union as the #1 credit union lender in the nation and Utah. In addition to processing 142 traditional small business loans totaling over $95 million, Mountain America processed more than 7,000 Paycheck Protection Program (PPP) loans in 2020, ranking as the top credit union lender nationally for PPP.
Processing a record number of loans in 2020
In 2020, small businesses relied on their financial institution more than ever to get the funding needed to keep their doors open and recover from the pandemic. Mountain America reassigned employees and improved efficiencies to process additional loans and get members funding as quickly as possible, resulting in a record number of loans in one year, including nearly $350 million in PPP loans.
"Small businesses are the backbone of our local communities, and Mountain America remains committed to helping them succeed," says Sterling Nielsen, president and chief executive officer at Mountain America Credit Union. "This past year brought an even greater need to support small businesses, and thanks to the incredible work of our entire team, we were able to help a record number of companies keep their employees on the payroll and recover from the pandemic."
Helping businesses keep their doors open
Recently, Sean Forsgren, chief executive officer at Strange Reptile, turned to Mountain America for a Paycheck Protection Program loan. Mountain America was able to quickly process his loan and help keep his 20 employees on the payroll. In response to working with Mountain America, Sean noted: "You are a hero to the 20 families that depend on our company for their jobs. Like most small businesses, this loan will make the difference between surviving the past year or not."
Leader in business lending and services
As a leader in business lending and services, Mountain America has been ranked the #1 SBA lender for credit unions by Callahan and Associates for the past 16 years. Currently, Mountain America ranks second nationally for business deposits for credit unions.
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SOURCE Mountain America Credit Union
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