ALEXANDRIA, Va.–Democracy Federal Credit Union is among the most recent credit unions to launch an initiative to support their communities in response to the pandemic.
Democracy FCU said its COVID-19 “Community Give Back Program” has led to donations that will help local communities receive support to help them combat the global crisis, the credit union said.
To kick off its initiative, Democracy FCU CEO and President Ken Cahoon gave a Facebook LIVE interview with Zebra Press.
To keep the momentum moving for the three months of giving, Democracy FCU delivered nearly 1,200 masks to area hospitals. Democracy FCU Vice President of Delivery Channels Mario Mejia made the social distancing deliveries to INOVA Alexandria Hospital in Alexandria, Va.; Children’s National Hospital in Washington and to Prince George’s Hospital Center in Cheverly, Md.
Democracy CU noted as schools stay closed, students who were receiving free meals at schools no longer have the option. In an effort to continue to feed all students, Democracy FCU will be donating $1,500 to area food banks that provide three meals a day for the students to ensure that no child goes hungry during the pandemic.
Democracy FCU said it will also be donating upwards of a total of $1,000 to T.C. Williams High School in Alexandria, Va.; H.D. Woodson High School in Washington and to Suitland Elementary School in Hillcrest Heights, Md. The schools are part of Democracy FCU’s school partnership.
Democracy FCU said it engages the students of the schools with back-to-school financial programs, financial literacy workshops, monetary donations, and much more so that all of the students, faculty and parents benefit from the relationship.
Democracy FCU said it has implemented several financial programs to help “keep families in their homes and food on their table.” The programs include a CASH-N-GO advance loan of up to $1,000 with no credit check, a National Event Short Term Loan of up to $6,000 for 24 months with rates as low as 7.24% APR and a Skip-A-Pay program to help alleviate one month of auto and/or personal loan payments.
CU Makes CASE for PPP Loans
In Michigan, CASE Credit Union said it has had success in helping members navigate through the SBA’s Paycheck Protection Program. CASE Credit Union reported securing more than $3 million in Payroll Protection Program loans that have helped save more than 600 jobs in the Greater Lansing region.
“We feel it is not only our business obligation but also our moral obligation to give our struggling business members every opportunity to find stable footing in this time of uncertainty,” said Jeffrey Benson, president and CEO of CASE Credit Union. “Our membership is the backbone to our organization, and we will always fight the good fight for them.”
Freedom CU Leaders Make Road Trip
In Massachusetts, the senior management team at Freedom Credit Union traveled to its branches, operations center and main office to show their appreciation for staff.
“The senior team took our hand-made signs and visited all branches, the operations center and, of course, our main office to offer a socially distanced thank you to our employees,” Freedom Credit Union’s Vice President of Retail Administration Kara Herman told the Cooperative Credit Union Association. “While we make a habit of supporting and thanking our members for their business, we wanted our employees to know that they are the true rock stars in our eyes right now. We appreciate their dedication to Freedom Credit Union and its members.”
Reps Urge Treasury to Clarify Eligibility of FCUs
Reps. Linda Sanchez (D-CA) and Ron Estes (R-KS) have written to Treasury Secretary Steven Mnuchin seeking immediate clarification on whether federal credit unions are able to access payroll tax credits in COVID-19 relief legislation.
CUNA said the credits include paid sick leave and required paid family leave from the Families First Coronavirus Response Act as well as the employee retention credit in the CARES Act. The legislators also note the importance that credit unions be allowed to serve members affected by the pandemic more efficiently, without unintentional interference.
“Local credit unions continue to assist families and small businesses on the front lines of the pandemic,” the letter reads. “It is our hope to not create additional burdens on these organizations as they plan for their internal operating expenses. Your immediate clarification on this issue would be very helpful.”