Honor Credit Union reveals 2020 community impact numbers
BERRIEN SPRINGS — 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, according to company representatives. According to Honor officials, that priority can be seen in its recently released 2020 Community Impact Report.
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 rollout of the Honor Financial Relief Package 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 over 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.
“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,” said Scott McFarland, Honor’s CEO. “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.”
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