PPP State Senate Work Session - WECU, Jennifer Kutcher (May 28, 2020)
Summary
Slide presentation titled PPP State Senate Work Session for the Senate Financial Institutions, Economic Development & Trade Committee Meeting, presented by Jennifer Kutcher, President/CEO of WECU, dated May 28, 2020. The opening slides describe WECU as a financial cooperative founded in 1936, with its mission, core values and guiding principles, and state that all decisions are made in Whatcom County. A Crisis Relief Stats slide has columns headed SBA PPP, Consumer & Real Estate Loans, Business, Other Business Crisis Relief and Crisis Relief Personal Loans. A Member Feedback slide reproduces member comments, including comments about the PPP application, and the last slide is headed Thank You.
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“PPP State Senate Work Session - WECU, Jennifer Kutcher (May 28, 2020).”
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Senate Financial Institutions, Economic Development & Trade Committee Meeting
PPP State Senate
Work Session
Presenter: Jennifer Kutcher, President/CEO WECU
May 28, 2020
1
Confidential
Our Heritage Our Guiding Principles
Founded in 1936 Seamless Member Experience
Financial Cooperative Structure – Member Driven Straightforward, Value-Driven Products & Services
Local, Member-Elected Board Of Directors Reasonable Pricing
Value Returned to Members
Responsible Lending
Positive Community Impact – Give Back to
Sustainable Growth
Communities We Serve, Including Local Non-Profits
Socially Responsible & Community Minded
Our Mission Our Core Values We Are Local
To Make A Meaningful Difference in Serve Others
All Decisions are Made in Whatcom County
the Lives of Our Members
Do What’s Right
Provide Services for Community Members of all Means
Bring Your A Game
Loan Servicing Remains at WECU
Love What You Do
Support Financial Wellness & Education
Think Differently 2
Invest in Our Community
Confidential
Crisis Relief Stats
SBA PPP Crisis Relief Loans
Consumer & Real Estate
Loans = 707 Loan Applications = 975
Loan Total = $32,287,100 Loans Approved = 518
Average Loan Size = $45,668 Amount = $1,870,829.21
Smallest Loan size = $200 Loans Funded = 386
Loans in Queue = 50 to 100 Amount = $1,439,564
Business
Estimated Total of Loans in Process = Roughly $2M Skip-a-Pay = 1624
Extensions = 867
Jobs Saved over 4,200
Interest Only = 12
Other Business Crisis Relief Real Estate Forbearance = 180
Monthly Loan Payment Deferral (up to 90 days) = 57
Amount = $43,084,787 Crisis Relief Personal Loans
Savings Secured Line of Credit (0%) = 4 3.9% Fixed
Amount = $400,000
Max Amount $5,000
No Origination Fee
Line of Credit (1st payment due in 90 days) = 12
No Prepayment Penalty
Amount = $284,800 Deferred for first 90 days 3
Confidential
Member Feedback
The news that our PPP loan application had been approved really eased my mind
on a number of fronts when you let me know personally that we had gotten under
the wire.
Many of the questions on the PPP application were almost a foreign language for me. I
didn’t know what all the documents requested were. Ed always answered each of my I am sure you had other people you were supporting last week to get their
questions immediately so I could proceed.... Without his timely help, we would not have application in. The fact that I felt I was the only person on your agenda really
been able to submit our application.... These funds will make the difference between made me glad that we have been WECU members all these years.
our school continuing or failing after 20 years.
I just wanted to share with you that we ordered lunch from El Nopal in Ferndale
My wife is a front-line nurse and said WECU provided lunches for every hospital today. When I went to pick up the owner told me that WECU had placed an order
employee from 7 different local businesses today. I want to let you know how much for first responders from them as well. She was so happy and appreciative that
she appreciated it. It actually brought her to tears when she was telling me about it. So, WECU was helping its business members in this way.
to whoever is in charge of that, a HUGE thank you.
While we are still awaiting additional SBA guidance for the PPP loan, the fact that
we have the actual proceeds in our WECU business accounts is a huge lift to a
WECU brought in food from local restaurants for the entire hospital! This is struggling small business during this crisis.
unbelievable :-) So generous to us and so supportive of our community.
Please extend our sincere appreciation to Eric, Dustin and Wade and thank you
for the exceptional service WECU brings to the Bellingham small business
community.
4
Confidential
Thank You!
5
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