Vermont Credit Unions Provided Nearly $385 Million in Support During COVID-19 Pandemic

COLCHESTER, VT (June 17, 2020) — In response to the financial crisis and economic downturn faced by Vermont consumers as a result of the COVID-19 pandemic, Vermont Credit Unions have noticeably augmented their primary mission to improve the financial lives of member-owners and provided nearly $385 million in support since the first virus cases were documented in the Green Mountain State.

Data collected by the Association of Vermont Credit Unions (AVCU) between April 12 and June 11, 2020 shows that since COVID-19 cases began appearing in the state, 83% of credit unions helped more than 17,680 members by granting forbearances or extending payments on mortgage balances totaling $119.5 million, extending payments on consumer loans and business loans totaling $108.1 million and $101.6 million respectively, and funded $51.4 million in small business loan applications through the U.S. Small Business Administration’s Paycheck Protection Program (PPP). An additional $3.7 million in very low rate or 0% emergency loans made to consumers brings the sum of COVID-19 financial support provided to Vermont Credit Union members to $384,277,928.

This impressive volume of support was delivered through 1,134 mortgage forbearances and payment extensions; 7,348 consumer loan payment extensions; 534 business loan payment extensions; 1,257 emergency consumer loans; and 1,321 approved and funded PPP small business loans. During the same period, Vermont Credit Unions also collectively waived 6,088 individual account fees for members in their time of need.

Fifteen Vermont Credit Unions (83% of all AVCU member credit unions) participated in the data collection survey. Their names and home branch locations, in alphabetical order, are:

• Green Mountain Credit Union (South Burlington)

• Heritage Family Credit Union (Rutland)

• Members 1st Credit Union (North Brattleboro)

• Members Advantage Community Credit Union (Barre)

• New England Federal Credit Union (Williston)

• NorthCountry Federal Credit Union (South Burlington

• Northeast Schools & Hospital Credit Union (Newport)

• One Credit Union (Springfield)

• Opportunities Credit Union (Winooski)

• ORLEX Government Employees Credit Union (Newport)

• River Valley Credit Union (Brattleboro)

• Vermont Federal Credit Union (Burlington)

• Vermont VA Federal Credit Union (White River Junction)

• VSECU (Montpelier)

• White River Credit Union (Rochester)

The Association is a non-profit corporation which provides Vermont credit unions with a variety of professional trade association services. Since 1947, in Vermont and nationwide, we’ve promoted the credit union movement and a favorable public attitude toward credit unions. To our members, we provide legislative advocacy, regulatory and compliance assistance, training and staff development opportunities, networking, and business support services. With the help of our strategic partners, we are committed to our mission of helping credit unions provide unparalleled service to Vermont consumers. For more information, visit www.vermontcreditunions.coop.