FRANKFORT, Ky.–Credit unions across the country continue to introduce various ways to help members during the coronavirus pandemic. CUToday.info has a complete compilation of some of the things CUs are doing for their members and communities here.
Member Assistance Loans
In Kentucky, Commonwealth Credit Union has created a Member Assistance Loan Program for those who may have lost their job, been furloughed, or otherwise adversely affected by the COVID-19. Those who are eligible can borrow up to $5,000 for up to 36 months, with the first payment being delayed for 90 days. The money can be used for virtually anything, from paying off mounting bills to purchasing groceries or other daily necessities, Commonwealth CU said.
“I have seen a lot happen in Kentucky and to our credit union, but the last few months have been unlike anything I’ve experienced,” said Commonwealth Credit Union President/CEO Karen Harbin. “With the Member Assistance Loan Program, I want our members to know that we are focused on their health and well-being, including their financial well-being.”
In addition, Commonwealth CU said as first responders continue to work to support communities, it has been teaming with local caterers and has provided $40,000-$50,000 in meals to firefighters, police officers, sheriff’s departments, emergency management technicians, and school district employees in every community that is home to one of the CU’s branch locations.
Plans are being made to expand the first responder meal delivery to other locations in Commonwealth Credit Union’s 24-county service area, the CU added.
“While many are social distancing and staying healthy at home, these brave men and women are out there every day, serving as our first line of defense and keeping our children academically engaged,” Harbin said. “By partnering with area catering companies, we’re also able to do our part to aid small businesses, who are the fabric of our communities.”
Grants Available in Illinois
In the Prairie State, the Illinois Credit Union Foundation (ICUF) has created a new program to assist credit unions and is providing $160,000 in funds to deal with the COVID-19 crisis. Grants up to $2,000 are available to help credit unions up to $100 million in assets offset unexpected COVID-related expenses.
The ICUF said the grants will provide assistance in three main areas. In addition to the COVID-19 grants, funds are also available for financial counselor certification and remote/virtual financial education.
“The COVID pandemic has changed the world in profound ways and the ICU Foundation is responding by providing a variety of assistance in keeping with our mission of supporting credit unions,” said John Fiore, ICUF chairman.
Funding is available on a first-come, first-served basis. “The ICU Foundation is dedicated to helping credit unions,” said ICUF Executive Director Melanie Murphy, said. “Our new COVID grants are designed to make sure credit unions are able to serve their members while keeping everyone’s health and safety as the highest priority. The financial counseling and financial education aspects represent our long-term commitment to financial health.”
Telhio Processes More Than 200 PPP Apps
In Columbus, Ohio, Telhio Credit Union said it has handled approximately 218 Paycheck Protection Program (PPP) loans, totaling more than $27 million for its members, before the program ran out of funding.
Telhio Credit Union said it quickly began preparing for the influx of PPP loans and partnered with Abrigo to enable it to support the high volume of interest in the loans and streamline and automate key processes to get capital into the hands of small business owners more quickly.
“We are proud to be able to work quickly to help our business members when they most need us,” said Derrick Bailey, chief sales officer, Telhio Credit Union. “Telhio has been putting people over profits since 1934, and this is just one more example of how we do what it takes to ensure our members have the financial resources they need – especially during challenging times like what we are facing right now.”
Telhio said its employees have worked around the clock to help members throughout Ohio to apply for PPP loans.
VyStar Creates Infographic
In Jacksonville, Fla., VyStar Credit Union has created the infographic below to illustrate the loans it has made.