SMCU Distributes $3.7M To Small Businesses, Provides Loan Relief

REDWOOD CITY, CA — San Mateo Credit Union has distributed $3.7 million to help small businesses facing hardships amid the coronavirus crisis.

The credit union says funds will help business avoid layoffs and stay open or reopen.

The non-profit, member-owned financial institution is also allowing members to skip personal, auto and credit card loan payments, and offering a six-month mortgage payment forbearance.

SMCU President and CEO Wade Painter said in a statement that the credit union is committed to helping its members and the communities it serves through the economic crisis.

“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,” Painter said.

“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.”

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