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Southeastern Credit Unions Continue to Help Members through COVID-19 Pandemic

Staff Report

Thursday, September 3rd, 2020

Credit unions in Georgia have continued to work tirelessly to help members through the financial realities of the COVID-19 pandemic. 

The Georgia Credit Union Association (GCUA) – the division of the League of Southeastern Credit Unions & Affiliates (LSCU) representing Georgia credit unions – has surveyed credit unions in the state three times since the onslaught of the COVID-19 pandemic. The results quantify the ways in which the state’s credit unions have helped consumers through this uncertain time. 

With 41% of credit unions responding, GCUA’s surveys yielded impressive findings.

“The credit unions in our tri-state area have worked tirelessly to support members during a pandemic that has lasted longer and affected people more deeply than expected,” said Patrick La Pine, CEO of LSCU. “For the better part of half a year, these institutions have continuously stepped up to help members who are grappling with income loss, unexpected healthcare 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.” 

The GCUA’s COVID-19 Member Engagement Surveys found the following: 

  • Credit unions in Georgia have granted at least 623 mortgage loan forbearance and extensions for a total of $158.2 million. 

  • Credit unions in Georgia have granted at least 137 commercial/business loan forbearance/extensions for a total of $103.8 million. 

  • Credit unions in Georgia have granted at least 13,021 consumer loan payment extensions for a total of $161.7 million. 

  • Credit unions in Georgia have granted at least 979 SBA Payroll Protection Loans that are SBA approved/guaranteed for a total of $39.8 million. 

  • Credit unions in Georgia have granted at least 99 low-rate emergency loans for a total of $378,975.

  • Credit unions in Georgia have granted at least 10,036 in fee waivers. 

These numbers are evolving throughout this crisis. GCUA will continue detailing the numerous ways credit unions across Georgia are helping members afford life during COVID-19.