WESTBROOK, Maine–Infinity FCU launched a new campaign, “We Will Rise,” aimed at bringing hope and positivity to the communities it serves during these uncertain times.
The city of Portland, Maine’s Latin motto is “Resurgam,” which translates to “I shall rise again.”
To promote the initiative, Infinity FCU is displaying the campaign’s logo on its branch windows and distributing car decals to members at the drive-thru, according to the Maine Credit Union League, which first reported the campaign.
The credit union also has begun using the hashtag, #WeWillRise, on its social media channels.
“At Infinity Federal Credit Union, we seek to serve our members and communities in ways that demonstrate we can be counted on, especially during life’s challenges,” said Elizabeth Hayes, president/CEO of Infinity FCU. “Portland’s motto, ‘We Will Rise,’ says it well and speaks to the way Mainers come together to rise above to a better future with inspiration and resiliency.”
America’s Temporary Mask Museum
In Manchester, N.H., Stephanie Smith, executive director of America’s Credit Union Museum and others have been making handcrafted CDC-approved face masks for credit union employees.
“These one-of-a-kind masks are made from African print fabrics and use the latest CDC-recommended pattern,” said the Maine CU League, which first reported the project. “All masks are reversible with a solid color backing and metal nose piece for tighter fit. The museum has distributed 500 masks, with another 500 in the queue to ship this coming weekend.”
Partnership in North Dakota
In Grand Forks, N.D., Riverfork FCU opened its drive-up to members of Med Park Credit Union when Med Park, which is situated within a hospital, was no longer able to have on-location visits following restrictions related to COVID-19, according to the Credit Union Association of the Dakotas.
The CUAD said now the two CUs are teaming up to show appreciation of their members and to support local restaurants. With its lobby closed in the hospital, Med Park CU is still able to serve their members, and both credit unions are randomly distributing local restaurant gift cards to their members to say thanks and to help stimulate the local economy, the CUAD said.
In Land of 10,000 Lakes, Hundreds of Thousands Helped
Minnesota’s credit unions have provided to hundreds of thousands of their members relief from mortgages, auto loans, credit card payments and business loans, according to the Minnesota Credit Union Network.
According to data compiled by the MnCUN, data from the state’s credit unions show:
- 289,000 consumer loans have been extended totaling $392 million
- 890 business loans have been extended totaling $624 million
- Nearly 52,000 fees have been waived to date
“Credit unions have a legacy of assisting our members during times of hardship,” Mark Cummins, president & CEO of the Minnesota Credit Union Network said. “Minnesota Credit Unions are committed to meeting the financial needs of members through this evolving situation. One thing you can be certain of is that credit unions are here for Minnesota.”
In addition, the Minnesota Credit Union Network (MnCUN) said it has introduced a website with additional resources from financial counseling to food insecurity for Minnesotans during the COVID-19 pandemic: www.mncreditunions.org.
iTHINK Process Nearly $33M in PPP Loans
In Delray Beach, Fla., iTHINK Financial Credit Union said it was among the first financial institutions in the country to process loans through the Small Business Administration (SBA) Paycheck Protection Program (PPP), and that it received applications from nearly 500 businesses in the first PPP stimulus package and loaned over $33 million before funding ran out.
iTHINK said it has nearly 200 more business applications ready to receive assistance as the program is receiving new funding.
“Our team is extremely focused on helping our members and business communities,” said Christopher Russell, VP-member business lending at iTHINK Financial. “We feel blessed to have had the opportunity to help so many businesses and look forward to helping more companies as funds become available. Our entire team is motivated by the letters, emails and calls expressing how thankful those business owners are that they applied with iTHINK Financial. We responded rapidly and fulfilled as many PPP loans as possible.”
Wolters Kluwer Solution Reports PPP Loan Data
In Riverwoods, Ill., Wolters Kluwer Compliance Solutions announced its Paycheck Protection Program Supported by TSoftPlus solution has to date assisted in PPP loan approvals supporting approximately 500,000 jobs across the U.S. The company said it will continue to provide its client support for the just-announced second round of PPP funding.
To date, Wolters Kluwer data shows that in working with lenders during the first round of funding, the company helped small businesses in all 50 states obtain PPP funds. Notably, 80% of the loans it processed were for small businesses with 20 or fewer employees. The state with the highest loan volume was California, the company said.
According to the company, new users are able to access the solution with no upfront costs and can be processing loans within hours after signing up to meet the urgent needs of small businesses in their local communities.
“In fact, applications that were entered and queued in TSoftPlus after the program’s initial funding ran out can be easily submitted by the solution as soon as the Small Business Administration starts to accept applications again,” Wolters Kluwer said.