Startup Grind Jacksonville FL - Founders Stories of Entrepreneurship and Leadership · Startup Grind Jacksonville, FL - Entrepreneurship Education

Fireside Chat Jenny Vipperman Chief Lending Officer of VyStar Credit Union - Funding Your Passion

·43 min·3 clips

Jenny Vipperman shares how VyStar helped 3,100 small businesses with over $110 million in PPP loans, averaging just $35,000 each.

This episode features a fireside chat with Jenny Vipperman, the Chief Lending Officer of VyStar Credit Union, discussing financial support for small businesses. Hosted by Startup Grind Jacksonville, the conversation focuses on funding programs during economic challenges. Jenny Vipperman shares her career journey from Enterprise Rent-A-Car to credit unions, emphasizing her belief in community-focused, not-for-profit banking. She details VyStar's processing of over $110 million in Paycheck Protection Program loans for approximately 3,100 local small businesses, with an average loan size of $35,000. The PPP offers a 1% interest rate over 24 months, with full forgiveness possible if funds are used primarily for payroll and employee retention criteria are met. Vipperman explains eligibility now includes sole proprietors and certain hospitality businesses with over 500 employees per location. Loan amounts are typically calculated as 2.5 times a business's average monthly payroll, with a maximum of $10 million. She outlines a partnership with the City of Jacksonville offering loans up to $100,000 with a 5.99% fixed rate, where the city covers the first year's interest and an underwriting fee. This program includes tiered grants and principal reductions for businesses retaining portions of their workforce. VyStar also offers a separate "Making an Impact Community Business Loan" up to $150,000 for essential services or nonprofits in underserved communities across Northeast Florida and parts of Georgia. Vipperman advises business owners to use dedicated accounts for PPP funds to simplify forgiveness tracking and confirms home-based business expenses may qualify. She notes that unforgiven PPP portions convert to an 18-month loan at 1%, with a sample payment of about $55 monthly per $1,000 borrowed. The episode reveals that VyStar advanced due dates on consumer loans and waived late fees to provide member relief. A surprising insight is her claim that the PPP funds will be entirely depleted, urging immediate action despite some business owners' debt aversion. She stresses that financial stress impacts employee performance, connecting economic and mental health. The host emphasizes that listeners can open a VyStar membership and apply for PPP within 24 hours, often without visiting a branch. The tone is educational and supportive, structured as a practical guide with direct audience address. The style is conversational, blending personal anecdote with detailed program explanations and real-time Q&A. Entrepreneurs and small business owners in Northeast Florida seeking pandemic-era funding will find this episode immediately useful. Listeners outside VyStar's service area or those seeking broader entrepreneurial strategy may find the content too regionally specific.

As heard by us

A practical look at community lending when small businesses need cash fast.

This episode gives the discussion a practical center, with Jenny Bipperman tracing a path from Enterprise Rent-A-Car into credit unions and explaining member-owned banking in plain terms.

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Why you'd press play

You need a local, real-world take on credit unions and getting SBA-backed funding moving fast.

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