The team at Honor Credit Union annually looks back over the organization’s ability to have a positive impact on the communities and people they serve. Imagine what kind of impact that was during a year of global pandemic. Actually, you don’t have to imagine it, you can visualize it fully thanks to Team Honor’s roll out of their annual impact statement.
During a year of much uncertainty, Honor Credit Union’s top priority was to remain steady, reliable, and a source of relief for its members and communities throughout the COVID-19 pandemic. With an internal mindset of “taking care of each other so we can take care of our members,” Honor remained open to serve members throughout the year, funded $30 million in Paycheck Protection Loans to 441 local businesses, and donated $477,476 back into the community by supporting 359 organizations.
To reveal its 2020 Community Impact Report, Honor quantified the previous year’s community give-back efforts in a multitude of areas including supporting over 1,450 first responders, donating $33,810 to educators, funding financial relief loans, and saving members over $3 million in waived, reduced, and reimbursed fees.
Unique to the year, the roll-out of the Honor Financial Relief Package (HFRP) offered diverse financial relief solutions to members, including a Here2Help Loan and a Skip-A-Payment option, which allows members to skip their next payment on eligible consumer loans without fees. The HFRP provided financial assistance to more than 1,900 members through disbursing $2.3 million in relief loans. Additionally, 1,500 loans were approved without traditional credit bureau lending criteria, based instead on the members’ relationship with Honor.
Scott McFarland, Honor’s CEO, says, “Arguably, our strongest impact from 2020 can be measured by our ability to serve our members through uncertainty and financial hardship. The last year was nothing shy of challenging and giving back to the communities we serve and supporting our members took on a whole new meaning for us,” and adds, “To us, our Community Impact Report isn’t just numbers on a page. It speaks to who we are as a credit union and what our team members can do to make a difference in a member’s life. At the end of the day, it’s all about being real, being local, and being part of our communities.”
Honor Credit Union serves more than 90,000 members across the State of Michigan with the driving force behind their work being, “Providing solutions for your financial success and giving back to the communities we serve.” For more information, call 800.442.2800, or visit online at: http://www.honorcu.com.
To see the details of the graphic accompanying this story on Moody on the Market more clearly, click this link: HonorCreditUnion2020Impact