BILLINGS, Mont.–Valley Credit Union has launched a series of TV spots in which it highlights different local restaurants that “are fighting to stay open even if their doors are closed.”
The effort is just the latest to be announced by credit unions to support communities during the coronavirus pandemic. CUToday.info has compiled an extensive listing here.
The Valley Credit Union spots highlight restaurants offering curbside and delivery services and encourage the community to support them.
The spots can be found here, here, and here.
In addition, Valley CU has also waived fees on skip-a-payments and is further allowing members to do sub-actions to skip up to two months.
Lincoln County Offering 0% Loans, Makes Donations to Community
In Libby, Mont., Lincoln County Credit Union said it has initiated alternative, financial programs and is doing its part to support its local communities and relieve financial stress.
“This is a scary time for everyone,” said Lindsay Beaty, president of Lincoln County Credit Union. “We want our community to know that we are working diligently to do everything we can to provide options to ease the financial stress caused by this pandemic. We will make it through this together.”
Lincoln County CU is serving members via its drive-throughs and said it will also be offering case-by-case loans up to $5,000 with 0% interest and terms of nine months and no payment required for 90 days. The credit union is also supporting small businesses by providing case-by-case business loans of up to $50,000 with 3% interest for three years and no payment required for 90 days.
In addition, Lincoln County CU donated $6,000 to the local hospital to purchase powered air-purifying respirators (PAPRs) for the frontline healthcare workers. The CU said it is also providing its staff lunches, a couple times a week, from local eateries to support small business owners and their employees during this difficult time.
“We are taking every precaution possible to protect the health and safety of our employees, members and the communities we serve,” said Beaty. “Our employees working on-site will be practicing social distancing, using video conferencing and instant messaging, and scrupulously cleaning work areas along with other recommended processes provided by the CDC.”
Firefly Offering Several Relief Programs
In Burnsville, Minn., Firefly Credit Union said it is offering a number of resources to members, including an Emergency Relief Loan and Loan Payment Relief. The Emergency Relief Loan offers up to $3,000 with what the CU said are competitive rates and flexible payment options. The Loan Payment Relief option allows members to extend the term of their loan and make payments at a later date.
“We understand that this is an uncertain time for everyone,” said Dale Turner, president/CEO. “Firefly strives to do what we can to help ease financial burdens for those impacted by COVID-19. We are here for our members during this challenging time, and are committed to meeting their financial needs.
Furloughed Employee Auto Loan Program
In Allen, Texas, Credit Union of Texas has announced a Furloughed Employee Auto Loan program to help members refinance high interest car loans they may have. The offer excludes loans already financed at what CUTX said are its already low rates.
Members can apply by presenting a furloughed letter or information from their employer. CUTX said it is offering flexible loan terms with low interest rates and a no payment option due for up to 120 days to eligible qualifying members.
“Credit Union of Texas was founded with a commitment to support the communities that we serve in all types of economic environments,“ said CEO Eric Pointer.“Unfortunately, the outbreak of COVID-19 has caused a financial burden on many people, and we have to find ways to help. The Furlough Employee Auto Loan is one of many solutions that we were able to create to help reduce stress on so many families that have been impacted.”
Feature Available at No Cost
In Memphis, Tenn., Green Circle Life, a provider of SmartFHR, an all-in-one communication and engagement web and app-based service that aggregates employee-facing services, said it has made the private-labeled communications feature of SmartFHR available at no cost to employers for the next six months.
According to the company, the platform provides a mobile-first approach to communications and improves overall comprehension, retention and understanding of employer messages.
“The communications feature is part of the company branded app that offers multi-channel delivery such as email, text, group messaging, bulletin board, push notifications and alerts to employees and family members,” Green Circle Life said. “Additionally, Green Circle Life has made available its Resource Library, which allows employers to organize and distribute important notice and policy documents through the SmartFHR app, as well as the ability to create and manage virtual corporate events.”
The company said the application can be live within seven days and employers can use the service at no cost for up to six months.
SBA Payment Protection Solution Offered
In Madison, Wis., Compliance Systems, LLC, a CUNA Mutual Group company, has announced an SBA Payment Protection Program (PPP) solution for credit unions to help members access the new program.
The solution helps credit unions quickly assist small businesses suffering through the coronavirus crisis. Compliance Systems is waiving all development fees for the new solution through June 30, the duration of the PPP, the company said.
“We are in a race against the clock to help small businesses access these funds to care for their employees and to support their communities,” said Ronny Chapman, senior vice president, Compliance Systems. “In collaboration with our lending partners in the financial industry, we’ve developed a solution that enables credit unions to process SBA PPP loans in days, not weeks.”
The company said the solution provides credit unions with the necessary software to document urgently needed PPP loans for small business members so they can meet their payroll obligations, address other eligible expenses, and continue their vital community operations during the coronavirus crisis.
Compliance Systems added SBA PPP loans are structured differently than other SBA program loans and require new application and closing documentation, per SBA guidance and CARES Act specifications. Existing SBA solutions do not address PPP loans.
The Compliance Systems SBA PPP solution is specifically designed for PPP loans, as well as for speed and utility, the company added, and pairs with these participating Loan Origination Solution (LOS) providers:
- Baker Hill
- MeridianLink
- Numerated Growth Technologies
- Q2 eLending
Compliance Systems said it is actively working to expand its solution to more LOS providers across the financial services industry.
“Small businesses are the lifeblood of local economies and communities across our country,” said Laurie Winger, chief financial and product officer at CUNA Mutual Group. “We are committed to providing credit unions and our financial services partners with the necessary tools to help their customers weather this storm.”