SALISBURY, N.C.–Hundreds of employees of North and South Carolina-based credit unions received COVID-19 Relief Grants from The Carolinas Credit Union Foundation in the last 12 months, according to the Foundation.
The Foundation is reporting that since the Relief Grant Program was announced, more than 500 grants were processed with a total of $380,425 provided to CU professionals who experienced significant financial hardships brought on by the pandemic.
The Foundation said it was able to provide the assistance through its Disaster Relief Fund, which was activated in March 2020 following the president’s Coronavirus emergency declaration.
“Even if credit union employees were staying physically well, we recognized early in the pandemic that many in the credit union community of the Carolinas were facing great financial difficulties triggered by job losses in the household,” noted Foundation President Lauren Whaley. “The heartwarming words of appreciation from credit union employees have been plentiful and reminds us that our people helping people philosophy is stronger than ever.”
CU Supporters
The Foundation said its Disaster Relief Fund is funded by credit union donors that have included Allegacy, Anderson, Charlotte Metro, Coastal, Fort Bragg, Greenville, Palmetto Citizens, SC Federal, Self-Help, Sharonview, Shuford, State Employees’, Excess Share Insurance, and individual donors from the Carolinas Credit Union League.
Aided by accounting support at the Carolina Credit Union league, the Foundation said grant funds were quickly distributed to recipients following application approvals. Grants were disbursed in three phases, with each phase maximum of $1,000 per household.
Counseling to Continue
While the COVID Relief Program has concluded for now, the Foundation said it will continue its partnership with GreenPath Financial Wellness to provide free, one-on-one financial counseling, debt management services and financial education resources for all employees of North and South Carolina credit unions.