MADISON, Wis.–The Worldwide Foundation for Credit Unions has launched a “Resilience Initiative” in Ukraine, with $500,000 allocated for credit union loans targeting vulnerable populations and sustainable development.
The funds are part of its Ukrainian Credit Union Displacement Fund. The Worldwide Foundation is the fundraising arm of the World Council of Credit Unions.
WFCU said it worked in cooperation with the USAID/WOCCU Credit for Agriculture Producers (CAP) Project to launch the Resilience Initiative after signing agreements with two central CUs in Ukraine, known as United Credit Unions (UCUs).
“The UCUs will pass the $500,000 on to individual credit unions, so they can provide loans aimed at stimulating rural and agricultural business recovery and growth and supporting vulnerable populations amid Russia’s ongoing war against Ukraine,” the Foundation said.
According to the Foundation, the Resilience Initiative lending will target:
- Businesses owned by women, or by those who were either internally displaced or left the country due to the war and have now returned to Ukraine
- Sustainable finance for micro-, small- and medium-sized businesses located in rural areas.
Similar Structure
According to the Foundation, the structure of this program is similar to that of the $1 million USAID/WFCU Liquidity Fund that was set up in 2021 and which has “proven to be an efficient means of boosting agricultural lending through credit unions in rural Ukrainian communities.”
As of April 30, 2023, credit unions had disbursed 954 agricultural loans totaling $2.3 million from the Liquidity Fund under WFCU and CAP Project supervision. The Foundation reported that 621 of those loans, totaling $1.46 million, have been issued since Russia launched its full-scale invasion in February 2022.
“With credit unions well-positioned to address the significant financial challenges facing Ukrainians, including those internally displaced or returning from abroad and those who stayed in their communities devastated by war, it is critical to provide incentive programs and additional funds to credit unions to share risks and build long-lasting relationships, especially with new businesses and members,” the Worldwide Foundation said.
7 Relief Programs
Since the start of Russia’s invasion, WFCU reported it has implemented seven relief programs totaling over $645,000 that have focused on providing immediate assistance to the Ukrainian credit unions and their members.
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