Lending pros share pandemic-fueled lending lessons

A new story each day this week as five credit unions share how they handled sudden change and soaring needs by adapting people, processes, and products.

Credit unions have been learning a lot about their capacity to lend during the coronavirus pandemic, and we’re not talking about just liquidity.

As members were thrown out of work or saw their income otherwise plummet, their financial cooperatives responded with low-interest loans, forgiving terms, and flexibility in getting the deals done even while members and staff alike were often stuck at home.

That commitment extended to beyond just existing members, as many credit unions stepped up to help non-members apply for job-saving Paycheck Protection Program loans that were dispensed by the hundreds of billions across the country.

This week, cooperatives from Oregon, Nevada, Kansas, Indiana, and Ohio share what they’ve learned about themselves and lending as a critical member service along the way.

 

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