TALLAHASSEE, Fla.–The League of Southeastern Credit Unions has released an update on efforts by CUs in Alabama, Florida and Georgia to provide support to members and their communities during the coronavirus pandemic.
“The credit unions in our tri-state area have worked tirelessly to support members during a pandemic that has lasted longer and affected people more deeply than expected,” said Patrick La Pine, CEO of LSCU. “For the better part of half a year, these institutions have continuously stepped up to help members who are grappling with income loss, unexpected healthcare costs and other financial hardships as a result of COVID-19. These are difficult times – and at LSCU, we’re proud to show that our member credit unions have met this difficulty head-on with integrity and compassion.”
The Findings
According to the LSCU, with 53% of credit unions responding, its COVID-19 Member Engagement Surveys found the following:
- Credit unions in Alabama, Florida and Georgia have granted at least 3,564 mortgage loan forbearance and extensions for a total of $511 million.
- Credit unions in the three states have granted at least 686 commercial/business loan forbearance/extensions for a total of $110.8 million.
- Credit unions in the three states have granted at least 108,019 consumer loan payment extensions for a total of $1.4 billion. Credit unions in the three states have granted at least 3,976 SBA Payroll Protection Loans that are SBA approved/guaranteed for a total of $198.6 million.
- Credit unions in the three states have granted at least 5,192 low-rate emergency loans for a total of $11.6 million.
- Credit unions in the three states have granted at least 30,251 fee waivers.