In response to the COVID-19 public health emergency and to further its mission of supporting the financial well-being of the community and members, San Mateo Credit Union (SMCU) distributed $3.7 million to San Mateo County businesses facing hardships, helping them avoid layoffs and stay open or reopen, and provided significant financial relief to its members.
SMCU’s rapid response to the coronavirus pandemic was significant and wide ranging, including:
- Partnered with San Mateo County Strong to administer financial assistance grants to local businesses.
- Formed the SMCU Community Fund, a 501(c)(3) nonprofit that aims to fundraise for small businesses and create financial wellness in our community, as well as support SMC Strong.
- Distributed $3.7 million in grants to help nearly 400 small businesses.
- Covered all administrative costs to disburse small business grants for SMC Strong, contributing 2,000 hours of support for grant processing, underwriting and more.
- Built an online portal to receive and process grant applications in a two-week timeframe to quickly address the growing needs of the community.
- Provided a 6-month payment forbearance to SMCU mortgage borrowers. Offered financial relief to members through the ability to skip personal, auto and credit card loan payments.
This crisis is far from over, however, and SMCU will continue to monitor the situation, fundraise for local businesses and take care of its members and the communities it serves.
“As a local, trusted financial institution, San Mateo Credit Union’s employees are passionate about helping the individuals and businesses we serve as well as all of San Mateo County. It’s part of who we are. It’s in our DNA.” SMCU President and CEO, Wade Painter says. “Our mission is to serve our community, and we are committed to that now more than ever, until we are all back on our feet.”