PEORIA, Ill. (WMBD) — Citizens Equity First Credit Union’s (CEFCU) Chief Operations Officer said a record number of loans is mainly due to pent-up demand.
CEFCU announced Wednesday $194 million worth of funds was lent out to customers in the month of June alone.
Auto, personal, and student loans, along with credit card debt, added to the loan volume.
CEFCU’S COO Matt Mamer told WMBD this shows consumer confidence is coming back after a few slow months due to the COVID-19 pandemic.
“We processed over 600 of the paycheck protection program loans, that’s over $28 million we were able to help small local businesses navigate through,” Mamer said.
Mamer said CEFCU processed over 2,000 refinance applications, which is 270 percent higher than June of 2019.
For the small business loans given out, he said on average, the loans were around $50,000 for each business.
Mamer said when CEFCU does well, so does its members, referencing the dividend based on dividends earned and interest paid over the first 11 months over the year. This money goes into the member’s savings account.
“Our long-term sustainable business practices have allowed us to continue assisting members, which is crucial during this challenging economic environment,” said CEFCU President/CEO Mark Spenny. “Thank you to members for your continued trust, and to CEFCU staff for working diligently to help members with their financial needs.”
Mamer said CEFCU added around 200 new business members as a result of the paycheck protection program. He said many local businesses were looking for guidance to navigate the program.