COLUMBIA, MD (May 29, 2020) — Credit unions in the Maryland and DC region have responded to the need for financial assistance during the COVID-19 pandemic. A survey recently conducted by the MD|DC Credit Union Association reveals that as of May 22, 2020, more than 42,000 members and businesses have received over $1 billion in loan relief from credit unions in the region. 98 percent of credit unions are providing fee waivers to members.
Credit unions shared comments they have received from grateful members whom they were able help with business and consumer loans – and in one situation offer a little roadside assistance along with financial assistance!
NIHFCU, based in Bethesda, MD: A local dentist in practice for 30 years was frustrated with his experience trying to get a PPP loan through his large, international financial institution when a friend suggested he try National Institutes of Health Federal Credit Union (NIHFCU). He said that in less than 24 hours he was able to set up a business account, submit the loan application, receive SBA approval and have money in his account. In an email to NIHFCU, the dentist said “I would get emails from NIHFCU staff still working for their clients at 1:00 am, this dedication is unheard of. I will be transferring my business banking to NIHFCU and they will be my business ‘friendly’ bank!” At the dentist’s recommendation, 14 professional colleagues are now members of NIHFCU and according to the dentist, their business loans were approved with “minimal hassle.”
Arlington Community FCU, based in Arlington, VA: Arlington Community FCU received this email from a small business owner: “I cannot even begin to explain just how amazing Arlington Community has been! In the midst of the coronavirus, a PPP loan was made available to small businesses like my own. Only thing, it’s a *painstaking* process for many. I originally had been banking with a megabank and was stuck in their queue with zero activity. Fortunately, I reached out to Arlington Community, and they took care of me right away. In a time when there’s a lot of uncertainty for people, Arlington Community has been the biggest comfort to my soul!”
Securityplus FCU, based in Baltimore, MD: Securityplus FCU received this email from a member, “I came to Securityplus looking for ways to cut down on my bills since my husband is out of work. Securityplus ended up saving me over $100 a month on my Auto Loan! I’m grateful for the service that was provided by Securityplus and the staff at Northwest Plaza. I now have a little more freedom in my finances, thanks to them!”
ACT 1st FCU, based in LaValle, MD: ACT 1st Federal Credit Union said it became an SBA approved lender based on urgent requests from local businesses desperately looking for immediate financial assistance. ACT 1st FCU was able to help the local business community, including home contractors, day care providers, janitorial service and insurance providers, obtain PPP loans. Several of the business had been turned away from the financial institutions where they hold business accounts and were very grateful for the assistance the credit union, saying the loans helped save their businesses.
Point Breeze Credit Union, based in Hunt Valley, MD: Point Breeze Credit Union shared a story about a member whose car battery died while in the drive thru of a branch. Three employees immediately jumped into action, pushing the vehicle into a parking spot and finding jumper cables to get the car started. While all this was happening the members’ skip-a-pay was processed by staff inside the branch, which is why the member was there.
The MD|DC Credit Union Association is a regional trade association representing credit unions and their 2.2 million members in Maryland and the DC region. The Association provides advocacy, education and business solutions to credit unions which are not-for profit, member owned financial cooperatives.
Michelle Byrnie-Parker
SVP/Chief Public Affairs Officer
