Jacksonville's 121 Financial Credit Union Now Accepting Round Two PPP Applications

Jacksonville FL

15 January, 2021

2:54 PM

Description

From The JAX Chamber: January 14, 2021 121 Financial ("One to One"), Jacksonville's hometown credit union, is now accepting applications for the latest round of funding through the Small Business Association's (SBA) Paycheck Protection Program (PPP). Local businesses are encouraged to apply here and requirements are listed here. During the first round of funding in 2020, 121 Financial helped preserve more than 4,000 local jobs by funding $29 million in PPP loans to more than 510 local businesses. "Our business services team was very intentional and proactive in helping small businesses during the initial round of funding, going well beyond our own membership base to make sure that we were doing our part to help as many local businesses as possible, who are a lifeline for many in our community," said David Marovich, chief executive officer for 121 Financial Credit Union. "Our focus at 121 Financial has always been hyper-local, supporting our neighborhood small businesses and those who are underserved or economically disadvantaged in our community." 121 Financial's average loan during the initial round was $65,000, well below the national loan average of $206,000. Additionally, 121 Financial was the only financial institution in Jacksonville under $1 billion in assets that was in the Top 10 for PPP small business lending in the under-$150,000 loan category, further indicating the credit union's commitment to supporting ultra-small, hyper-local businesses. The credit union holds an additional distinction in small business lending as Jacksonville's only Community Development Financial Institution (CDFI)-certified financial institution. Across the country, CDFIs share a common goal of expanding economic opportunity in low-income communities by providing access to financial products and services for residents, entrepreneurs and small businesses. Community vitality requires access to basic financial services, affordable credit and investment capital, which is historically limited for low-income communities and individuals, for which 121 Financial is uniquely positioned to provide. "We take great pride in our commitment to helping everyone in our community achieve financial success and independence," added Marovich. "Our team members are a comprehensive financial resource for our members and the community at large, providing guidance and support to help our members grow, regardless of their background, career or financial education." This press release was produced by The JAX Chamber. The views expressed here are the author's own.