Georgia Credit Unions Provide Financial Aid For Members During COVID-19 Pandemic
Tuesday, May 19th, 2020
Credit unions in Georgia have worked tirelessly in the last month to help members through the financial realities of the COVID-19 pandemic.
The Georgia Credit Union Association (GCUA) – the division of the League of Southeastern Credit Unions & Affiliates (LSCU) representing Georgia credit unions – recently surveyed credit unions in the state to quantify the ways in which they’ve helped consumers affected financially by COVID-19 over the past month. With 29% of credit unions responding, GCUA’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 GCUA’s COVID-19 Member Engagement Survey found the following:
Credit unions in Georgia have granted at least 485 mortgage loan forbearance and extensions for a total of $150.5 million.
Credit unions in Georgia have granted at least 87 commercial/business loan forbearance/extensions for a total of $88.3 million.
Credit unions in Georgia have granted at least 2,397 consumer loan payment extensions for a total of $101.3 million.
Credit unions in Georgia have granted at least 380 round one SBA Payroll Protection Loans that are SBA approved/guaranteed for a total of $23.2 million.
Credit unions in Georgia have granted at least 75 low-rate emergency loans for a total of 369,475.
Credit unions in Georgia have granted at least 7,499 fee waivers.
These numbers are evolving evolve throughout this crisis. GCUA will continue documenting the numerous ways credit unions across Georgia are helping members afford life during COVID-19.