Our Commitment to Small Business Owners in Need
Making a difference. Doing so with integrity while working together as a team. Remaining committed to the job, even when the need changes, unexpectedly and drastically.
We take pride in our values at CDC Small Business Finance (CDCSBF) and in how we exhibit them in our everyday work. We demonstrate them not only in how we approach our borrowers and partners, but also in our relationships with our colleagues and peers.
The coronavirus didn’t alter this approach – it’s built into our DNA. But our company-wide shift in response to the immense challenges now facing small businesses cast these principles in a new light. We realized anew why we hold them so dear.
Meeting the Need
All our teams – from loan officers to business advisers to administrative staff – found themselves facing an incredible volume of calls and emails. Our small business owners needed immediate relief. They not only needed funding, but solid, expert advice to help them make smart decisions about the right relief loan to protect their businesses.
For many borrowers, this meant choosing the Paycheck Protection Program (PPP). That’s one of the relief loans created by the federal government in March to assist small businesses impacted by the coronavirus.
We understood the urgent need and acted accordingly. We shifted whole teams to make sure we were positioned to help as many small business owners as possible.
From our SBA 504 loan officers to marketing staff to funding analysts, everyone at CDCSBF has been all in on PPP, with a laser focus to get as many small business owners as possible the funds they desperately need. This meant rapidly learning a new product and process – and often new skills. Yet our core commitment to small businesses meant we gave our all to accomplish the goal.
“I am incredibly proud of this team and how their hard work, dedication and passion has shone through to help small businesses as they confront this unprecedented challenge,” said Kurt Chilcott, CDCSBF’s president and CEO.
Our PPP Effort and Impact
In just one month, we:
- Approved more than $134 million in PPP loans across both rounds 1 and 2 of the funding.
- Helped 2,320 small business owners get approved for a PPP loan.
In addition, we:
- Fielded nearly 7,400 phone inquiries.
- Responded to those in need of additional support. Our Business Advisers logged nearly 3,100 hours of advising time with almost 750 borrowers.
- Compiled our COVID-19 Small Business Guide to Relief and Recovery. This offered small business owners valuable tips and up-to-the-minute listings of resources.
These were the first steps for CDCSBF in the initial phase of coronavirus response. We commit to continuing on this path with small business owners as the focus shifts from relief to recovery – for as long as it takes.
“This organization’s core values, integrity, teamwork, commitment and making a difference, are the foundation of our success,” Kurt said. “They’ve been our guiding light as we’ve done everything we can to meet small business owners’ lending needs as quickly as possible. And they will absolutely continue to be our guide going forward.”
In case you missed it:
CDC Small Business Finance is a trusted small business lender, award-winning nonprofit and advocate for entrepreneurs. Over more than four decades, we have provided $18 billion in funding to over 11,000 borrowers … and counting. Unlike traditional lenders, we have the flexibility to offer affordable loans to underserved small business owners, bolstering economic development. In addition, we have helped to create or preserve more than 200,000 jobs in California, Arizona and Nevada.
