DES MOINES, Iowa — Iowa credit unions Wednesday were starting to feel the harsh economic impact of the recent flooding as thousands of grant applications from victimized members and employees were pouring into CU offices in the worst-hit areas.
“I have 150 applications on my desk alone,” declared James Hagerman, president/CEO of the $168 million Linn Area CU in Cedar Rapids, whose employees and officers were given special time off this week working in teams of six and eight to help in the massive cleanup effort of downtown areas.
The losses “are simply staggering to this city,” said Hagerman, noting his CU was girding for the impact of members seeking loan help in light of new reports issued by the city this week showing 2,000 Cedar Rapids homes to be demolished.
Meanwhile, Collins Community CU also in Cedar Rapids said it, too was “inundated” by the grant applications and was also devoting attention to an expected avalanche of loan requests for deferrals and forbearance. “We're have a checklist now on each application that we work from,” said Rick Benhart, president/CEO.
In Des Moines the Iowa Credit Union Foundation said it had “more than a thousand” e-mailed disaster relief applications from CU members asking for grants which the foundation has limited to $500 per case.
An emergency meeting of the Disaster Relief Committee of the foundation was scheduled to meet Friday in Iowa City to dole out the first grants.
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