Virginia credit union receives national award

Martinsville, Virginia (Dec. 11, 2020) – ValleyStar Credit Union receives national recognition for helping fuel the economy while offering businesses hope during the COVID-19 pandemic. As soon as businesses and nonessentials came to a screeching halt in mid-March, ValleyStar’s lending team pulled together to offer business owners a plan to stay afloat and continue payroll for their employees. As the Small Business Administration advertised and marketed its Payroll Protection Program, ValleyStar had built its own plan to help business owners. Members had questions and expressed fear, but ValleyStar worked with them to provide a solution. They needed hope, and they needed capital.

The unique program did not go unnoticed. On November 4, the Credit Union National Association’s (CUNA) Lending Council announced ValleyStar Credit Union’s Commercial Lending team as one of the recipients of its 2020 Excellence in Lending Award. This award honors credit unions who go above and beyond their primary roles of serving their members while maintaining sound credit union financials.

Justin Barnes, VP of Commercial Lending, stated, “The goal was to keep our business owners connected with their employees, many of which were members of our credit union or employees.”

With ValleyStar’s strong portfolio and performing loans, ValleyStar was able to offer capital with no parameters as to what the member or business needed to do. They made it easy and members responded to the tune of $9-$10 million in capital through 30 credits. Making a few modifications in existing member loans gave members the relief needed during this time.