Southeastern CUs continuously provide financial aid for members during pandemic
Credit unions in Alabama, Florida and Georgia have continued to work tirelessly to help members through the financial realities of the COVID-19 pandemic.
The League of Southeastern Credit Unions & Affiliates (LSCU), which represents credit unions in Alabama, Florida and Georgia, has surveyed credit unions in all three states three times since the onslaught of the COVID-19 pandemic. The results quantify the ways in which the states’ credit unions have helped consumers through this uncertain time.
With 53% of credit unions responding, LSCU’s surveys yielded impressive findings.
“The credit unions in our tri-state area have worked tirelessly to support members during a pandemic that has lasted longer and affected people more deeply than expected,” said Patrick La Pine, CEO of LSCU. “For the better part of half a year, these institutions have continuously stepped up to help members who are grappling with income loss, unexpected healthcare costs and other financial hardships as a result of COVID-19. These are difficult times – and at LSCU, we’re proud to show that our member credit unions have met this difficulty head-on with integrity and compassion.”
The LSCU’s COVID-19 Member Engagement Surveys found credit unions in Alabama, Florida and Georgia have granted:
- At least 3,564 mortgage loan forbearance and extensions for a total of $511 million;
- At least 686 commercial/business loan forbearance/extensions for a total of $110.8 million;
- At least 108,019 consumer loan payment extensions for a total of $1.4 billion;
- At least 3,976 SBA Payroll Protection Loans that are SBA approved/guaranteed for a total of $198.6 million;
- At least 5,192 low-rate emergency loans for a total of $11.6 million; and
- At least 30,251 fee waivers.
These numbers are evolving throughout this crisis. LSCU will continue detailing the numerous ways credit unions across Alabama, Florida and Georgia are helping members afford life during COVID-19.
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