MADISON, Wis.—The Worldwide Foundation for Credit Unions (WFCU) is reporting it has collected more than $115,000 to date in donations to its Ukrainian Credit Union Displacement Fund.
The Foundation is designed to address the immediate humanitarian needs triggered by Russia’s continued targeting of civilians, which has caused a crisis for those still in Ukraine and for more than two-million Ukrainian refugees who have fled the country, according to the Foundation.
WFCU said it will donate more than half of all dollars collected in the initial weeks of the campaign to vetted non-governmental organizations (NGOs) that are providing emergency humanitarian assistance in Ukraine or in neighboring European countries hosting Ukrainian refugees. The remaining funds, along with continued fundraising, will go toward longer-term credit union recovery efforts.
The Worldwide Foundation added it hopes to announce the NGOs that will be receiving immediate assistance through the Ukrainian Credit Union Displacement Fund in the coming days.
Long-Term Recovery
According to the World Council of Credit Unions, once the situation is stable it “stands ready to fulfill its core mission of improving lives through credit unions.”
Using donations to the Displacement Fund, WOCCU said will work closely with Ukrainian and other regional credit union partners to identify the biggest needs for recovery and rebuilding.
“WOCCU anticipates there will be a demand for re-establishing a prudent regulatory and operating environment that will allow credit unions to focus on individual needs, support of small and medium enterprises (SMEs) and agricultural lending designed to help in the economic recovery of the Ukrainian people,” World Council said in a statement, adding it can provide this assistance in Ukraine and in any other countries where credit unions are well positioned to continue to serve Ukrainian refugees.
Working With Ukrainian CUs in U.S.
WOCCU added it will work on recovery and rebuilding efforts in collaboration with the Ukrainian American Credit Union Association, which represents 12 credit unions serving the Ukrainian diaspora in the United States,
“We recognize that money is needed to assist the Ukrainian people right now, which is why we are working to identify partner organizations that can put the generous donations from the international credit union community to good use immediately,” said Mike Reuter, Worldwide Foundation for Credit Unions’ executive director. “But we also know that credit unions, their employees, their members and their communities will need long-term assistance to get back on their feet, which is something we have always worked to provide in times of crisis.”
To donate to the Ukrainian Credit Union Displacement Fund, click here.