Day Air Credit Union helps Sole Proprietors and 1099 Contractors get PPP funds
Kettering, Ohio, May 14, 2020 – Day Air Credit Union, the largest financial institution headquartered in Montgomery County, completed approval of 175 Paycheck Protection Program (PPP) loans since the program opened. The current total of Day Air approved funding from the U.S. Small Business Administration (SBA) is approximately $6,000,000, and the average loan amount is $34,200.
The primary recipients of Day Air PPP funds have been sole proprietors and 1099 contractors – a group largely overlooked by many other financial institutions. While larger financial institutions have focused on larger businesses and higher value loan amounts, Day Air has focused on sole proprietors, 1099 contractors, and small businesses with under ten employees.
The PPP program received public scrutiny for being a program designed for small business assistance but instead providing a platform for “big banks” to continue making large loans to big businesses. Day Air has been working around the clock to submit applications for sole proprietors, 1099 contractors, and other local companies who’ve been overlooked by bigger financial institutions. Day Air’s average loan amount of $34,200 is significantly lower than the national average for both lending rounds $206,000 (round 1) and $73,000 (round 2), a testament to their dedication to smaller businesses in the local community.
“Our team did a great job of working through the red tape to get this program funding secured for our small business members,” says John Theobald, Senior VP/Chief Lending Officer. “The demand and volume of interest for this program was overwhelming, and it’s been a fast and furious few weeks to accomplish this level of loan funding in such a short timeframe.”
Demand for funds from the PPP program is high, but Day Air plans to continue to work with members of any size who need loans until funds for the program are no longer available.