Southeastern Credit Unions Provide More Than $2.2 Billion in COVID Relief
LSCU surveys show member cooperatives also processed nearly 4,000 PPP loans valued at more than $198 million.
The League of Southeastern Credit Unions & Affiliates said Wednesday that more than half of its member credit unions in Alabama, Florida and Georgia provided $2.2 billion in COVID-19 relief to members.
LSCU surveyed its 333 member credit unions three times since the pandemic began.
With a 53% response rate, the league was able to quantify the ways in which credit unions in Alabama, Florida and Georgia have helped their members get through the coronavirus health and economic crisis.
LSCU’s COVID-19 member engagement surveys found that credit unions in the three states have granted at least 108,019 consumer loan payment extensions for a total of $1.4 billion, and they have also approved at least 3,564 mortgage loan forbearance and extensions for a total of $511 million.
Additionally, credit unions in Alabama, Florida and Georgia have granted at least 686 commercial/business loan forbearance/extensions for $110 million and processed nearly 4,000 SBA Paycheck Protection Program loans valued at more than $198 million.
The league’s surveys also showed that credit unions approved more than 5,000 emergency loans that amounted to $11.6 million in addition to granting more than 30,000 fee waivers.
“The credit unions in our tristate area have worked tirelessly to support members during a pandemic that has lasted longer and affected people more deeply than expected,” LSCU President/CEO Patrick La Pine said. “For the better part of half a year, these institutions have continuously stepped up to help members who are grappling with income loss, unexpected health care costs and other financial hardships as a result of COVID-19. These are difficult times – and at LSCU, we’re proud to show that our member credit unions have met this difficulty head-on with integrity and compassion.”