Since the Covid-19 pandemic reached Minnesota, the state’s credit unions have provided hundreds of thousands of their member's relief from mortgages, auto loans, credit card payments and business loans.
Recent data in a special survey from more than three-quarters of Minnesota Credit Unions indicate that:
- 289,000 consumer loans have been extended totaling $392 million
- 890 business loans have been extended totalling $624 million
- 890 business loans have been extended totalling $624 million
Minnesota Credit Unions continue to offer a wide range of solutions to help members manage through temporary or extended periods of reduced or lost income. Examples include delaying a payment, increasing credit lines, waiving fees, emergency loan programs, and financial counselling. Individuals should contact their credit union directly to learn more about what options are available to them.
“Credit unions have a legacy of assisting our members during times of hardship,” Mark Cummins, President & CEO of the Minnesota Credit Union Network said. “Minnesota Credit Unions are committed to meeting the financial needs of members through this evolving situation. One thing you can be certain of is that credit unions are here for Minnesota.”
In addition, the Minnesota Credit Union Network (MnCUN) introduced a website with additional resources from financial counselling to food insecurity for Minnesotans during the COVID-19 pandemic: www.mncreditunions.org.
Minnesota Credit Union COVID-19 Impact in Action Report available on mncreditunions.org