Worldwide Foundation Launches Lending Program in Ukraine

Earlier this week, the Worldwide Foundation for Credit Unions (WFCU) released $500,000 from its Ukrainian Credit Union Displacement Fund to begin a new lending program for Ukrainian credit unions to help the vulnerable populations and boost sustainable development in the country.

According to WFCU, the organization signed agreements with two United Central Credit Unions in Ukraine, which will receive the $500,000 to pass along to individual credit unions that will “provide loans aimed at stimulating rural and agricultural business recovery and growth and supporting vulnerable populations amid Russia’s ongoing war against Ukraine.”

The new program, called the Resilience Initiative, will focus its lending areas including the following:

• Businesses owned by women, or by those who were either internally displaced or left the country due to the war and have now returned to Ukraine.
• Sustainable finance for micro-, small- and medium-sized businesses located in rural areas.

WOCCU and WFCU launched the Ukrainian Credit Union Displacement Fund during the 2022 CUNA Governmental Affairs Conference as the Russian military began its invasion of Ukraine. The fund was set up to assist Ukrainian credit unions, its members and employees.

Since then, WFCU stated it has implemented seven relief programs totaling over $645,000 that have focused on providing immediate assistance to the Ukrainian credit unions and their members. The displacement fund has raised more than $1.8 million.