Under the direction of President and CEO Lori Drummond, OlyFed tackled the issues of the pandemic in a two-pronged approach. First, as a financial institution, OlyFed jumped into the work of assisting local small businesses with Paycheck Protection Program (PPP) loans that were part of the national relief package. All eight OlyFed branches in Thurston and Mason counties worked with small businesses and nonprofits in their counties to obtain over $4.3 million in loans, helping these operations retain more than 520 jobs right here in our community.
“A little over a year ago, private-sector jobs surpassed public sector jobs as the main providers of income in Thurston County,” Drummond said. “We recognize small businesses are essential to the success of our local economy and the health of our community, so helping neighborhood entrepreneurs is the right thing to do to keep us moving in a positive direction.”
Next, as one of the leading philanthropic businesses in the South Sound, OlyFed stepped up to help its neighbors with $15,000 in donations to the Thurston County COVID-19 Response Fund and the South Puget Sound Habitat For Humanity Emergency Family Needs Fund.
“As a mutual bank, accountable to our customers, not corporate shareholders, we dedicate approximately 10% to 15% of our profits to the community every year,” Drummond said. “In response to the pandemic, we thought it was vital to help our area’s most vulnerable individuals and families to ensure they get the help they need to stay healthy and safe.” When faced with this challenge, OlyFed shows that they truly live up to their slogan “Here for You. Here for Good.”