Our credit unions in Alabama, Florida and Georgia have worked tirelessly in the last month to help members through the financial realities brought on by the COVID-19 pandemic.
The LSCU surveyed the credit unions in its three-state footprint to learn more about how credit unions have helped consumers affected financially by COVID-19 over the past month. With approximately 39% of credit unions responding, LSCU’s survey yielded impressive findings.
“We’ve always known credit unions in our tri-state area take the philosophy of ‘people helping people’ seriously,” said Patrick La Pine, CEO of LSCU. “But the creative and generous ways we’ve seen these institutions step up to help members during this trying time is unprecedented. At a time when many are unable to work or are grappling with unexpected healthcare costs, southeastern credit unions have provided unwavering support. At LSCU, we’re proud to highlight these efforts.”
The LSCU’s COVID-19 Member Engagement Survey found the following:
- Credit unions in Alabama, Florida and Georgia have granted at least 3,124 mortgage loan forbearance and extensions for a total of $464.7 million.
- Credit unions in all three states have granted at least 494 commercial/business loan forbearance/extensions for a total of $244.9 million.
- Credit unions in all three states have granted at least 86,601 consumer loan payment extensions for a total of $1.1 billion.
- Credit unions have granted at least 2,445 round one SBA Payroll Protection Loans that are SBA approved/guaranteed for a total of $172 million.
- Credit unions have granted at least 5,110 low-rate emergency loans for a total of $11.5 million.
- Credit unions have granted at least 25,737 fee waivers.
These numbers are evolving throughout this crisis. LSCU will continue documenting the numerous ways credit unions across the southeast are helping members afford life during COVID-19.