Supporting members in the wake of derecho

Iowa credit unions provide donations and low-interest loans.

August 21, 2020

Iowa credit unions are rallying to support their friends and neighbors affected by the recent derecho, a rapidly moving thunderstorm complex that swept through the state earlier this month.

The storm flattened 10 million acres of corn and soybean crops, damaged grain elevators, and leveled banks, churches, and homes, causing millions of dollars in damage. In response, Governor Kim Reynolds declared 25 Iowa counties as disaster areas and received a federal disaster proclamation as well.

AT&T and $4.5 billion asset Veridian Credit Union in Waterloo are teaming up on a $40,000 donation to the Iowa Community Action Partnership to support those hit hardest by the storm.

“The recent derecho created widespread damage and immediate need in our communities,” says Veridian President/CEO Renee Christoffer. “Community Action Agencies across Iowa are providing critical support, and we’re grateful to partner with AT&T on a donation to help meet the unprecedented demand for their services.”

Veridian also set aside $3 million for disaster assistance loans to members who have suffered property damage or other hardship as a result of the recent storms.

Loans up to $5,000 are available with up to 36-month terms and a fixed rate between 6.5% and 7.5% APR.

Collins Community Credit Union in Cedar Rapids, with $1.2 billion in assets, is offering unsecured loans of up to $3,500 at a 2.99% annual percentage rate for a maximum term of 36 months to members in need of financial assistance as a result of the storm.

►Access the National Credit Union Foundation's CUAid Disaster Recovery App