PEWAUKEE, Wis.–In its newly released Scorecard, by the Wisconsin Credit Union League, details are shared about credit unions’ economic impact on 2.9 million Wisconsin citizens and communities through their REAL Solutions offerings.
“In 2016, credit unions provided more than $3.2 billion in small business loans, 500,000 hours of free financial counseling, 131,000 volunteer hours, $2.5 million for local causes and more than 100 youth-run branches that teach saving,” said Brett Thompson, president and CEO of the league. “Since the start of the recession in 2007, credit unions have returned more than $1.5 billion to the pockets of state citizens.”
Stories in the report that showcase credit unions’ REAL Solutions span the state and include:
- Families managing student debt more effectively with low-rate student loan refinances and free financial counseling
- College students improving credit scores with a credit union’s bicycle loan program
- Entrepreneurs launching a coffee shop with 14 employees using a credit union loan others wouldn’t grant
- An addiction rehab facility filling a void in the community with a credit union small business loan
- A vacant historic building becoming a bustling civic hub with credit union-coordinated financing
- Teens learning financial skills for their futures during “reality days” that simulate real-life budget challenges
- Green energy fueling a credit union offering loans for solar power, hybrid cars and a garden stocking local pantries
- Milwaukee area students receiving $26,000 in scholarships from credit union employees donating part of their pay
The report cites credit unions’ 10-year trend in loan and deposit growth and says the state’s CUs saved Wisconsin citizens $137 million in 2016 because of lower interest on loans, higher interest on savings and lower and fewer fees.
Despite the millions in savings that not-for-profit credit unions return to Wisconsinites, banks still hold 84% of deposits in the state. Credit unions are still the state’s “best kept secret,” according to the league.