OSHKOSH, Wisconsin (April 21, 2020) – In line with its passion for serving the needs of the community, its members and team members, Verve, a Credit Union, has allocated more than $4 million for COVID-19 support programs and services to help its members take care of personal and business financial needs.
To help its members navigate challenging times caused by the coronavirus, Verve has already issued more than $88,000 to members as a fixed-rate Paycheck Replacement Loan. Members can borrow up to $5,000, with no payments due for the first 90 days of the 3-year term.
Members can also free up funds in their personal budgets for other financial needs and reduce their monthly payments on current personal*, auto or mortgage** loans by only paying interest for 90 days (some exclusions apply).
“In this time of uncertainty, we know that many have lost their incomes—either due to permanent or temporary layoffs and furloughs—and we want to help our members focus more on their families and their own mental and physical health, and less on stressing about making payments,” Kevin J. Ralofsky, president and CEO of Verve, a Credit Union, said. “Over the course of four weeks, we have been able to help members quickly address their financial needs by reducing their monthly expenses.”
Current and new Verve members can transfer their credit card or store card balances to a Verve credit card for six months of 0% APR or transfer their auto loan for 90 days of no payments.
“Our hope is that these options give people in our communities more money back in their budgets, money they typically would spend on a monthly loan or credit card payment, to pay for groceries and other essentials,” Renee Maeder, vice president of Retail Sales at Verve, said.
Verve is also helping businesses navigate the coronavirus pandemic with financial assistance through interest-only payments and payment deferments. To date, Verve has helped businesses by modifying payments on more than 170 loans for a total of $139 million—adding up to over $567,000 per month in relief from principal and interest payments.
“By offering payment relief options, small business owners now have money available to spend elsewhere for the next several months as we move through the crisis of this coronavirus pandemic,” Ken Buksnes, vice president of Credit at Verve, said. “That adds up to almost $3 million over a three- to six-month timeframe with the purpose of infusing cash into our local economy, helping small businesses stay in business and keeping employees on the job.”
“We’re aware of the role we can play as a financial, helping members weather tough times,” Buksnes said. “By providing support and resources for small businesses, our goal is to rise up together to help our communities.”
Commercial, small business and nonprofit owners are also encouraged to reach out to Verve’s business team at 800.448.9228 (Wisconsin) or 312.491.7000 (Chicago) to discuss specific options.
In addition to its coronavirus relief options for individuals and businesses, Verve has allocated an initial $50,000 to invest in area community foundations to help support the most vulnerable in the primary communities it serves. Verve will continue to evaluate community needs and future opportunities for support.
*Credit Cards and Line of Credit do not qualify. Restrictions may apply if loan is currently past due.
** Additional principal would be due at maturity or payoff. Mortgages serviced by Midwest Loan Services are excluded. Home Equity Lines of Credit and Home Improvement loans do not qualify. Escrow payments are still required. Restrictions may apply if loan is currently past due.