Multimillion Dollar Program Will Offer Support To Employers Impacted By The Novel Coronavirus
The City of Jacksonville and VyStar Credit Union are collaborating on a loan program to assist local small businesses affected by the COVID-19 response. The City’s contribution to the Small Business Lending Program will be between $20 to $30 million, which will be used to provide a combination of grants, interest payments and potential aid toward the principal of the loan, with some elements tied to employee retention.
“This partnership with VyStar Credit Union will help small businesses and employees impacted by COVID-19 stay on their feet,” said Mayor Lenny Curry. “I am grateful for VyStar’s collaboration and look forward to working with my colleagues on City Council to pass this urgently needed support for our citizens.”
Brian Wolfburg, President/CEO of VyStar Credit Union, said: "Since our founding in 1952, VyStar has been committed to the City of Jacksonville and to its people. Whether in times of prosperity or times of need, our commitment has never wavered when it comes to our members, our neighbors and our communities. Today, that commitment takes the form of much-needed funds to help keep small businesses operating, nonprofit and cultural organizations thriving, and people working. We know the fundamentals that have always made Jacksonville and Northeast Florida great are unmovable, and when we overcome this, it will be because we were stronger together. At VyStar, we Believe in Better, and partnering with the City to provide expanded and expediated economic relief for entities suffering from the impact of COVID-19 is simply better.”
More details will be shared following finalization of the legislation.
About the City of Jacksonville: The City of Jacksonville is the largest city by land mass in the continental United States, serving approximately 900,000 residents. Located in Duval County, City of Jacksonville leadership includes the mayor and a 19-member City Council.
About VyStar Credit Union: VyStar Credit Union, with headquarters in Jacksonville, Florida, serves anyone who lives or works in the 49 contiguous counties of Central to North Florida and the four Southeast Georgia counties of Camden, Charlton, Glynn and Ware. With more than $9.1 billion in assets and over 700,000 members, VyStar is the fourth-largest financial institution in Northeast Florida and the 16th largest credit union in the country among 5,800 credit unions by asset size. VyStar is the largest mortgage lender in Northeast Florida and one of the major employers in the region with over 1,900 employees.