For the better part of half a year, credit unions across Alabama, Florida and Georgia have worked tirelessly to address the financial struggles of your members and communities during the pandemic. And those efforts haven’t gone unnoticed.
Between April and the end of July, the League asked credit unions in all three states to fill out three surveys detailing the ways you have been helping members afford life through the COVID-19 crisis. Roughly 42% of credit unions across Alabama, Florida and Georgia participated, yielding impressive findings.
The LSCU’s COVID-19 Member Engagement Surveys found the following.
- Credit unions in Alabama, Florida and Georgia have granted at least 3,564 mortgage loan forbearance and extensions for a total of $511 million.
- Credit unions in the three states have granted at least 686 commercial/business loan forbearance/extensions for a total of $110.8 million.
- Credit unions in the three states have granted at least 108,019 consumer loan payment extensions for a total of $1.4 billion.
- Credit unions in the three states have granted at least 3,976 SBA Payroll Protection Loans that are SBA approved/guaranteed for a total of $198.6 million.
- Credit unions in the three states have granted at least 5,192 low-rate emergency loans for a total of $11.6 million.
- Credit unions in the three states have granted at least 30,251 fee waivers.
Click here for an infographic showing these impressive numbers. We also have this data broken down by state.
- Click here for Alabama’s numbers.
- Click here for Florida’s numbers.
- Click here for Georgia’s numbers.
We have already shared these numbers with trade media publications as well as outlets in all three states in an effort to highlight the credit union difference across the Southeast. Soon, we will also help CUNA combine our data with that of other leagues to paint a picture of the ways credit unions have been helping the country through this pandemic.
“On behalf of LSCU, I would like to offer our sincere thanks,” said Jared Ross, president of the LSCU. “Thanks, first of all, to those of you who took time out of your exceptionally busy days to help us gather this information. And, of course, thank you so much to all of the credit union employees who have been going above and beyond to aid the communities we love during this ongoing crisis. Your efforts are noticed – and so very appreciated.”
Both CUNA and LSCU are interested to see how credit unions continue aiding members as the crisis continues, so be on the lookout for another survey in the coming months. Your answers really do help us spread the word about the credit union difference and will be used for advocacy efforts.