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Iowa credit unions provided millions in loans, relief during pandemic


The Iowa Credit Union League has released new data quantifying the economic impact that Iowa credit unions have generated 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. The organization released the data on Oct. 15, which was International Credit Union Day and was proclaimed by Gov. Kim Reynolds as Credit Union Day in Iowa. Collectively, Iowa credit unions have provided a total of $882 million in loan relief through these means: 2,373 mortgage payments deferred; 33,671 consumer loan payments deferred; 798 business loan payments deferred; more than 1,300 grants to Iowans and small businesses through the Iowa Credit Union Foundation; $2.6 million in charitable donations; and $93 million through 2,217 small business Paycheck Protection Program loans. “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 the Iowa Credit Union League. 

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