The Indiana Credit Union League, through its Servicecorp, has established a $350,000 grant program to help small and medium-sized credit unions meet some of the unexpected expenses that have resulted from the coronavirus disease (COVID-19) pandemic.
The board of directors has authorized this fund for grant amounts ranging from $1,000-$5,000 per credit union, averaging $3,700, which will be provided based on each credit union’s size, financial need, and the amount of pandemic-related expenses it expects to incur in 2020.
Indiana League affiliates under $100 million in assets can request grants until May 22. Of Indiana’s 131 affiliated credit unions, 93 credit unions are eligible for the grants. They have been notified about how to apply.
“We hope these grants can help credit unions cover the expense of purchasing masks and protective supplies for staff, offset the cost of extra cleaning services, pay for installation of germ guards, provide extra pay for front-line staff or other things that will help them serve members in this unprecedented environment,” said League President John McKenzie. “The League and Servicecorp want to assist with some of the unexpected expenses credit unions are dealing with in addition to our efforts with advocacy, information/analysis, covering key topics in webinars, hosting weekly conference calls available to credit union CEOs statewide, and posting daily updates to Basecamp sites for coordination among the League and affiliated credit unions.”
In addition to establishing the grant program, the Indiana League has supported Hoosier credit unions in a number of ways throughout the pandemic period.
League leadership has been in continuous communication with NCUA, the Indiana Department of Financial Institutions and other state government officials, the offices of Indiana’s Congressional Delegation, the Small Business Administration and others on issues that have shaped the operational and regulatory environment for credit unions to be able to serve their members and communities during the extraordinary circumstances they are facing.
Additionally, the League hosts weekly credit union calls and has provided numerous resources including private Basecamp sites for ongoing information sharing among Indiana credit unions, which are used extensively.