Honor Credit Union Details COVID-19 Community Impact Numbers
In response to public concerns, Honor Credit Unnion announced the Honor Financial Relief Package in early March. The Honor Financial Relief Package offered diverse financial relief solutions, including Skip-a-Payment, which allows members to skip their next payment on eligible consumer loans without fees.
“The last few months have been challenging for many as we work through this uncertain time. Through it all, Honor remains committed to supporting the credit union philosophy of 'People Helping People and being there for our members and community during this time of need,” said Dustin Nehls, VP of consumer lending.
Across the board, members saved $366,598 in fees waived, and $491,495 was disbursed in Financial Relief Loans to 352 members through Honor’s Financial Relief Package. The Paycheck Protection Program (PPP) provided funding for 441 loans, totaling more than $30 million in assistance for small businesses.
Honor purchased over $2,000 in team lunches across 24 member centers throughout Michigan in support of business members in its communities. Team members were gifted $100 each to support local businesses, totaling $34,000 towards economic giveback.
Additionally, Honor assisted animals at the Humane Society, donated $2,500 in gift cards to hospital staff throughout Michigan, and the organization’s IT department supplied two retired servers to the remote workforce at United Way.