COLUMBIA, Md.–The Maryland and DC Credit Union Association has created an infographic to illustrate how credit unions are supporting members and businesses during the coronavirus pandemic. Credit unions served by the MDDCCUA have provided more than $1 billion in loan relief to more than 42,000 consumers and businesses, the association said.
Some 98% of CUs are also providing fee waivers, the organization added.
In addition, the MDDCUA has collected stories of the types of individual assistance credit unions have provided, including:
- In Bethesda, Md., National Institutes of Health FCU assisted a local dentist who had been in practice for 30 years and who was frustrated with his experience trying to get a PPP loan through his large, international financial institution. A friend suggested he try NIHFCU, which in less than 24 set up a business account, submitted the loan application, received SBA approval and had money in his account. In an email to NIHFCU, the dentist said, “I would get emails from NIHFCU staff still working for their clients at 1:00 am. This dedication is unheard of. I will be transferring my business banking to NIHFCU and they will be my business ‘friendly’ bank!” At the dentist’s recommendation, 14 professional colleagues are now members of NIHFCU and according to the dentist, their business loans were approved with “minimal hassle,” according to the MDDCCUA.
- In Virginia, Arlington Community FCU received an email from a small business owner who said, “I cannot even begin to explain just how amazing Arlington Community has been! In the midst of the coronavirus, a PPP loan was made available to small businesses like my own. Only thing, it's a painstaking process for many. I originally had been banking with a megabank and was stuck in their queue with zero activity. Fortunately, I reached out to Arlington Community, and they took care of me right away. In a time when there's a lot of uncertainty for people, Arlington Community has been the biggest comfort to my soul!”
- In Baltimore Securityplus FCU said it received an email from a member that said, “I came to Securityplus looking for ways to cut down on my bills since my husband is out of work. Securityplus ended up saving me over $100 a month on my auto loan! I’m grateful for the service that was provided by Securityplus and the staff at Northwest Plaza. I now have a little more freedom in my finances, thanks to them!”
- In Lavalle, Md., ACT 1st FCU said it became an SBA approved lender based on urgent requests from local businesses desperately looking for immediate financial assistance. ACT 1st FCU was able to help the local business community, including home contractors, day care providers, janitorial service and insurance providers, obtain PPP loans. Several of the business had been turned away from the financial institutions where they hold business accounts and were very grateful for the assistance the credit union, saying the loans helped save their businesses, the MDDCCUA said.
- In Hunt Valley, Md., Point Breeze CU shared a story about a member whose car battery died while in the drive thru of a branch. Three employees immediately jumped into action, pushing the vehicle into a parking spot and finding jumper cables to get the car started. While all this was happening the members’ skip-a-pay was processed by staff inside the branch, which is why the member was there.