Nutmeg Funds over $3.8 Million in PPP Loans amid COVID-19 Pandemic

Nutmeg State Financial Credit Union has had success serving local businesses during the coronavirus (COVID-19) pandemic. The credit union has been educating businesses about government relief options, including the CARES Act, Paycheck Protection Program, SBA Disaster Relief Lending and more. With its frequent communications, the credit union plans to keep its business members in the know in regards to all relief options throughout the duration of the pandemic.

Most prominently, Nutmeg has delivered immense financial relief to its business members throughout Connecticut through the Paycheck Protection Program. The credit union has already processed over $3.8 million in funds dedicated to supporting small businesses. This number is only expected to grow as Nutmeg works tirelessly to provide relief opportunities for its members.
The credit union uses its own custom technology to help make the process streamlined. “We are able to keep pace with the volume because we’ve invested in making our operation as streamlined and automated as possible,” said John Holt, President and CEO of Nutmeg.
Nutmeg has also taken steps to consider businesses that may be unsure of the current relief options. On April 9, the credit union hosted an online webinar open to all members to help explain the many complexities surrounding government business programs. Shane Dugan, Assistant Vice President of Nutmeg’s lending services, provided extensive details regarding the relief options currently offered and answered attendee questions to ease concerns. Following the success of the webinar, the credit union is now planning to host similar educational panels for the community.
About Nutmeg
Chartered in 1936 and headquartered in Rocky Hill, Nutmeg State Financial Credit Union is open to anyone who lives, works, worships, attends school or volunteers in the Hartford, New Haven, Middlesex or Tolland Counties as well as the cities of Shelton, Stratford and Bridgeport, Connecticut. They offer members a friendly banking environment and take pride in educating consumers about the advantages of joining a credit union. Visit them at www.nutmegstatefcu.org for more information.



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