RALEIGH, N.C. – State Employees’ Credit Union and the SECU Foundation said they are committing up to $10 million to assist with COVID-19 disaster relief efforts across North Carolina, joining other CUs in such offers recently, such as Travis Credit Unoin in California which announced a $1 million initiative of its own.
In North Carolina, the combined funding – $5 million each from SECU and the Foundation – will help multiple non-profit organizations meet basic food, clothing, shelter and financial assistance needs statewide, the organizations said, adding the donations will also support front-line medical providers and others as they carry out their missions to help the most vulnerable North Carolinians during this pandemic crisis.
“COVID-19 has presented a huge economic challenge for many North Carolinians,” remarked SECU Board Chair Bob Brinson. “We understand the financial struggles many of our members, families, friends, and neighbors are facing – the needs are tremendous. SECU cares deeply about the financial and physical welfare of our 2.5 million members and the people of North Carolina. We are grateful for all those on the front lines serving individuals affected by this crisis – we are confident that these donations will not only help provide essential needs and services in our local communities, but will provide North Carolinians with the hope that together, we will make it through this difficult time.”
Added President and CEO Mike Lord, “With such a sizeable commitment, we will be able to partner with many top-notch service providers who make a difference in the lives of North Carolinians every day. We will distribute funds where the need is immediate using structures already in place to provide the assistance. The credit union and Foundation are united in aiding our communities. We are here to help during this challenging time.”
Support from Travis CU
Meanwhile, in California, Travis CU has pledged $1 million in support
to relieve both immediate public health and long-term economic challenges as a result of the coronavirus pandemic.
In all, 96 nonprofits and small businesses in Solano, Napa, Yolo, Contra Costa and Merced counties will receive checks. The organizations will not receive advance notice, with Travis Credit Union saying it is planning on delivering as many of the checks as possible remotely.
In addition, the $3.3-billion TCU said it will also match up to $4 million given to the TCU Foundation from other sources. The funds will support frontline organizations that are providing direct service such as food banks, shelters, family resource centers and school districts as well as nonprofits and organizations focused on supporting critical populations such as homeless, foster youth, LGBTQ and Latino individuals, according to the credit union.
Travis Credit Union said nonprofits that support small businesses, including those that serve their communities all year through economic development assistance, will also receive aid to help sustain the mitigation of the pandemic and be able to recover once the severity of the crisis has decreased.
“We are showing up to support the most vulnerable in this time of crisis,” Barry Nelson, president and CEO of Travis Credit Union, said in a statement. “We are making immediate investments to support the organizations who are in the business of people helping people, and we are here, as we have been for nearly 70 years, to serve our community. Credit unions are built for times like this.”
WESTconsin Offering Assistance
In Menomonie, Wis., WESTconsin Credit Union is offering a number of relief programs to members, including:
Consumer Lending
- Payment Deferral Options available on some loans
- Modifications on consumer loan deferrals, including, easing requirements and more efficient processing
- Skip-a-payment” on credit cards
- Waiver of late fees on consumer loans for 90 days
- Waiver of credit card late fees that occur in April, May and June 2020 will be waived
Mortgage Lending
- Honoring forbearance requests
- Waiving all late fees on mortgages for 90 days
- Waiving all late fees on mortgages for 90 days
| Business Lending
Other Offers
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First-Ever Virtual MSR Training
In Nevada, Great Basin Credit Union said in a tweet it has conducted its first-ever virtual member service representative training.
Resource for Biz Seeking CUs Offering PPP Loans
CUCollaborate has launched a new website called Balanced Wallet (www.balancedwallet.com) that focuses on providing a marketplace for small businesses to find a credit union that is offering PPP loans. The website will ask small business owners a series of questions and then display a list of credit unions they are qualified to join and borrow from, according to the company.
CUCollaborate said the website uses the company’s eligibility software, JoinCU, to determine what credit unions a small business is able to join and borrow from.
“This is a critical time for small businesses and this loan can be a lifesaver. I believe this is a significant opportunity for credit unions to support their local community and gain new members,” said Sam Brownell, founder and CEO of CUCollaborate.
While the website is free to use for credit unions and small businesses, CUCollaborate said it is asking credit unions offering PPP loans to reach out to become listed so they can connect them with business owners.
Tavant Offering PPP Solution
In California, Tavant, a provider of AI-powered digital lending technologies, said it has developed a new SBA Paycheck Protection Program (PPP) solution to help lenders and small business owners impacted by the COVID-19 global pandemic. The new solution can be deployed as a white-labeled solution in less than 24 hours.
According to the company, the solution removes all technical blockers, accelerating the SBA PPP application intake process and enabling lenders to process small business loans in a matter of hours versus weeks or even months.
“Additionally, underwriters are now able to review digital applications and supporting documentation and make a decision in minutes,” the company said.
“The platform has a simple and intuitive user-interface for the business borrower, while flexible (cloud or on-premise deployment) and secure for the lender, focusing on ensuring compliance and preventing fraud while supporting the mission of economic relief to small businesses.”
Info-Pro Providing Funds for CUs to Make Donations
Info-Pro said it will essentially be donating $12,000 in donations to the charity of its customers’ choice, as over the next 12 weeks it selects a different customer company to receive the funds.
Through the end of June, the company is conducting a weekly random drawing for all Info-Pro Customers. The winner will be announced every Friday and $1,000 will be donated to the organization/charity of the winners choice by Info-Pro on behalf of the winners financial institution.
“We are your strategic partner, through the good times and the challenging times, and we look forward to standing with you to help you serve the communities in which you live and work,” said CEO Chad Raube.