Foundation surpasses $100,000 in aid to CU employees, partners to help small credit unions
Thursday, April 30, 2020
The Carolinas Credit Union Foundation surpassed $100,000 in COVID-19 Relief Grants to credit union employees in North and South Carolina as of this week, helping more than 100 individual households. The Carolinas Foundation launched its grant program in early April to aid credit union employees who are experiencing significant financial hardship due to loss of income in the household related to the Coronavirus pandemic.
Funded through its Disaster Relief Fund, the grants are designed to help the hardest hit credit union employees who have limited savings and are unable to cover all of their expenses each month. Credit unions in the Carolinas employ nearly 16,000 full time and roughly 520 part time staff, according to recent NCUA call report data. Now with the U.S. unemployment rate expected to peak at 25% this summer, the Carolinas Foundation’s COVID-19 Relief Grant program will provide support to the financial first-responders who are most in need.
“We knew some in our credit union family would face financial challenges because of job losses by a spouse or partner and the Foundation was well-positioned to design and implement a grant relief program,” noted Foundation President Lauren Whaley. “With the leadership of the Foundation Board and the generosity of several donors at the onset, the COVID-19 Relief Grants are helping those most in need. The words of gratitude by grant recipients, HR teams, and credit union leadership are uplifting during these trying times and speaks to our resiliency as a credit union movement, focused on our shared people helping people mission. We are all in this together.”
The Foundation has launched a COVID-19 Response Page on its website for specifics on grant eligibility, fulfilment procedures, and how others may contribute to funding relief efforts. Further, a detailed FAQ page for applicants is being updated regularly as new questions arise.
Any employee of a credit union based in North or South Carolina who is experiencing financial hardship may email DisasterRelief@carolinasfoundation.org for a PDF application.
Relief for Small Credit Unions
In partnership with the Carolinas Credit Union League, the Carolinas Foundation is also providing support from its Program Fund to cover the expense of two webinars for credit unions with less than $100 million in assets.
“We recognize that all organizations are watching expenses and making tough decisions,” League CEO/President Dan Schline said in his communication to small credit unions. “Hopefully this will help, at least a little, as you continue to give your team members the education and training opportunities they need to be successful."