A survey conducted in May by the Carolinas Credit Union League to gauge credit union response to the COVID-19 pandemic revealed that credit unions in North and South Carolina are providing significant relief to their members.
“The pandemic has brought historic levels of unemployment and great uncertainty for families and business owners across the country and in our two states,” shared League President/CEO Dan Schline. “Many of these families and small business owners have found much needed relief and support from their local credit union.”
The survey found credit unions in both states are offering loan modifications, waiving and reducing fees, and providing a combination of $4,306,311 in emergency loans to members.
Credit union participants in the SBA’s Paycheck Protection Program (PPP) also shared their work. Together, 13 PPP participating credit unions have extended $216.5 million in loans.
“Credit unions have a long history of stepping up to help their members in their time of greatest need. The survey results help quantify the scope and reach of their work in our two states.” Schline continued. “The work of credit unions is impressive, but not surprising.”