LANSING Mich.–Credit unions continue to announce expanded efforts to help in response to the coronavirus pandemic with a variety of responses.
In Michigan, Astera CU is reporting it has made approximately $5.8 million in funded PPP loans to local businesses.
Since the launch of the PPP in April, Astera CU said has helped 112 local businesses obtain the loans, helping local business owners to save 963 jobs that would have been lost.
“We understand that many jobs are at risk and people are facing financial hardship,” said Astera CU President/CEO Martin Carter. “We’re acting quickly to help small businesses navigate these uncharted waters and keep their employees on the payroll.” Carter goes on to say, “Credit Unions were founded on the guiding principle of people helping people, and now, during what is one of the more stressful times in our economic history, we are committed to helping ensure that our members and our local businesses are provided with financial resources that can help them weather these unprecedented times.”
Virtual Financial Counseling & More
In Hunt Valley, Md., Atlantic Financial FCU is reporting it continues to provide assistance to its members during the pandemic.
“We’re certainly not in a unique situation or alone by any means, but our team has remained nimble as we quickly adapted to the changes and the new normal that is rapidly developing,” said President/CEO Matthew Piazza. “This includes our business development and financial education teams who normally work face-to-face with our employer partner groups and within the community. They’ve adapted and made use of our digital resources to find new ways to deliver on our mission of supporting our members and the communities we serve.”
The credit union said its business development team, along with the credit unions’ certified credit union financial counselors (CCUFC), have taken their financial wellness efforts online hosting a variety of free virtual financial education seminars.
AFFFCU said it will continue to leverage the digital channels to deliver on its financial wellness initiatives with online events throughout each month. It also offers many free, on-demand courses and resources that area available to all on AFFCU’s website at AFFCU.org, has been providing loan relief options, free skip-a-pays, special emergency hardship loans, and recently announced the introduction of its $20,000 Covid-19 Member Support Grant.
Extended Drive-Through Hours
In Jackson, Mich., American 1 Credit Union said effective on May 18 it will return to its extended evening drive-thru hours, with the facilities open until 7 p.m. on weekdays.
“During these uncertain times, we are focused on how to best serve our members and maintain the well-being of our staff,” said Martha Fuerstenau, president/CEO of American 1. “We’ve reached a point where we able and comfortable returning to our extended evening hours at all of our drive thru locations. As we work through these trying times together, we thank you for your membership and continued patience.”
Below are the updated hours for drive thru locations (all lobbies remain closed until further notice).