LANSING, Mich. — Astera Credit Union continues to be a first responder for members negatively impacted by the COVID-19 pandemic. When the Coronavirus crisis started to grow in severity in March, Astera took quick action to close their lobbies in an effort to protect their employees and their members. In addition to these measures they ramped up drive-thru and ATM disinfectant protocols and launched several programs to assist members who are experiencing financial hardships as the result of businesses being forced to temporarily close and lay-off or furlough employees due to the state’s Stay at Home Order.
Now, as businesses continue to be hit hard by the crisis, Astera, a Small Business Administration (SBA) approved lender, wants to let its members who own small businesses know they are available to assist them if they need help applying for the Paycheck Protection Loan Program (PPP). The PPP Loan program was launched by the Small Business Administration and the Treasury Department after President Trump signed the historic Coronavirus Aid, Relief, and Economic Security (CARES) Act in March.
Since April 3rd, Astera has assisted several of their business account holders with the application process. In fact, in just a week’s time, 22 of the applications they’ve worked with members to complete have been approved by the SBA. And more importantly, between those 22 businesses that have been approved, more than 278 employees will be positively impacted.
When speaking about the pandemic and how it may affect business members, CEO Martin Carter stated, “Our local economy is taking a hard hit right now, and we recognize that one of the hardest hit groups is going to be small businesses and their employees. We are committed to doing everything we can to help support our members who own businesses in the communities we serve.” Carter goes on to say, “I couldn’t be prouder of our staff, our leadership team, and our board of directors for their commitment to helping members. It’s a true testament to the culture Astera has built and I want to thank the Astera team for their commitment to living our values as we all face these stressful times.”
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