On the strength of PPP loans, the credit union exceeds $ 2 billion in assets | Business Observer

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DUNEDIN – Achieva Credit Union announced that it recently surpassed $ 2 billion in assets, joining three other Tampa Bay area credit unions to take this milestone.

The Dunedin-based credit union, which covers the west coast of Florida from Pasco County south to Lee County, ended 2020 with $ 2.1 billion in assets, an increase of 18. 8% from 2019 total assets of $ 1.8 billion, according to a statement. GTE Federal Credit Union, Grow Financial Federal Credit Union, and Suncoast Credit Union, all based in Tampa, also have over $ 2 billion in assets.

Founded in 1937 in Pinellas County, Achieva now has 22 branches. It expanded its footprint in 2020, the statement said, opening a new branch with a net zero solar design in Trinity, designed to serve members of the rapidly growing community in western Pasco County. The branch, according to credit union officials, will achieve net zero status through rooftop solar panels that convert the sun’s energy into electricity.

In addition, Achieva’s business services department experienced its busiest year in its history in 2020, in part due to processing a total of 989 loans from the Paycheck Protection Program for Businesses of region, the statement said. The $ 39 million in PPP loans contributed to a 38% growth in business loans, which ended the year at over $ 159 million. The credit union saw a record 74% increase in the number of business customers in 2020, as a number of businesses that had been turned down by big banks for PPP loans turned to Achieva.

“In the face of unforeseen conditions, Achieva has kept a clear view of the needs of our members,” Jennifer Galley, Chief Operating Officer of Achieva, said in the statement. “We have faced urgent needs across our communities, from businesses seeking help, teachers needing loans between paychecks, and community nonprofits. who struggle to maintain their programs. In keeping with the Achieva community culture, we have risen to meet these needs. “

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