Iowa Credit Unions Have Provided Millions in Economic Relief to Iowans & Small Businesses during COVID Pandemic
DES MOINES, IA — In honor of International Credit Union Day and Governor Kim Reynolds’ proclamation of today as Credit Union Day in Iowa, the Iowa Credit Union League (ICUL) released new data that quantifies the economic impact of credit unions during the COVID-19 pandemic.
Since March, Iowa credit unions have provided millions of dollars in loans, payment deferrals and charitable grants, including $6.8 million in emergency loans that were often provided at low or no-interest.
“While International Credit Union Day is an event worth celebrating every year, 2020 has truly underscored the ‘people helping people’ mission of credit unions,” said Murray Williams, President and CEO of ICUL. “Iowa credit unions have been an essential resource on the front lines, helping Iowans and small businesses navigate both the global pandemic and the devastating derecho storm this year. On International Credit Union Day, and every day, we celebrate the spirit and resiliency of the credit union movement and also recognize the positive impact Iowa credit unions have on our local communities when they need us most.”
Iowa credit unions have provided millions of dollars in relief during the pandemic, including*:
- $6.8 million in emergency loans to Iowans and small businesses
- $882 million in loan relief through:
- 2,373 mortgage payments deferred
- 33,671 consumer loan payments deferred
- 798 business loan payments deferred
- 1,300+ grants to Iowans and small businesses through the Iowa Credit Union Foundation
- $2.6 million in charitable donations
- $93 million through 2,217 small business Paycheck Protection Program loans
Gov. Reynolds’ Credit Union Day proclamation recognizes the Iowa credit union movement for its continuing advancement of the financial well-being of credit union members and the contributions made to their respective communities. It states, “Credit unions embrace a ‘people-helping-people’ philosophy through pooling of personal resources and leadership abilities for the good of the cooperative, empowering members to improve their financial future and uniting to help those in need.”
“Credit unions showcase the cooperative spirit through their ‘people helping people’ philosophy,” said Gov. Reynolds. “As the governor, I recognize the value credit unions provide to their members and the communities they serve by empowering Iowans to improve their own financial outlook.”
Sponsored by the World Council of Credit Unions since 1948, International Credit Union Day is celebrated to remember credit unions’ proud history and promote awareness of and support for the credit union difference. As not-for-profit, financial cooperatives, credit unions provide an effective and viable alternative to for-profit financial institutions for more than 274 million members in 118 countries worldwide. In Iowa, there are 83 credit unions serving more than 1.3 million member-owners.
Download the 2020 Iowa Credit Union Day Proclamation
Download the COVID Relief Impact Fact Sheet
*Economic relief data calculated through a survey of Iowa credit unions based on their activity from March – August 2020. Loan relief total represents total loan portfolio principal balance at risk.
The Iowa Credit Union League is the trade association that represents the interests of Iowa credit unions and their more than one million members. Credit unions are not-for-profit, financial cooperatives owned and operated by their members. Iowans use their credit union membership to receive higher interest rates on savings and lower interest rates on loans. For more information on ICUL, visit http://www.iowacreditunions.com. For information on Iowa credit unions, visit www.IowaCreditUnions.com. Follow ICUL on Twitter at www.twitter.com/icul or on Facebook at www.facebook.com/iowacreditunions.