Metro Wire Staff
The CoVantage Credit Union Board of Directors this week authorized up to $20 million to be made available to assist existing credit union member-owners affected financially by the recent pandemic emergency.
These COVID-19 Member Relief efforts will focus on providing financial relief for CoVantage members that includes opportunities for deferring payments on existing loans, waiving late fees on loans, deferring first payments on new consumer loans, and more. Individuals, families, and businesses who are current CoVantage members should reach out to CoVantage if they need assistance.
According to Charlie Zanayed, CoVantage CEO, CoVantage has a long history of assisting member-owners in times of need.
“We are devoted to helping those who have supported their credit union,” Zanayed said in an email statement. “CoVantage would not be able to offer this relief program if it wasn’t for our members’ support. Credit unions were created to serve during difficult times, and CoVantage is well-positioned to make these resources available to our members today.”
CoVantage understands that individuals, families, and businesses have been impacted by the COVID-19 outbreak and more will continue to be affected. These special efforts are being put into place to support CoVantage credit union members—including business members—who are most affected by the health, economic, and social impacts of this pandemic.
“While we certainly won’t be able to help every individual or business, and we can’t solve every problem, we will always be ready to try to be there for those who are a part of our cooperative,” Zanayed said.
Because CoVantage serves many low- and moderate-income communities, the United States Treasury has designated CoVantage as a Community Development Financial Institution (CDFI). The CDFI designation allows CoVantage to apply for and receive grant funds. CoVantage will be applying for grant funds recently made available for pandemic relief, with hopes of assisting even more people served by the financial cooperative. While there is no guarantee CoVantage will be awarded grants, if approved, CoVantage will share additional details with member-owners and the communities that the credit union serves.
If you are a current CoVantage member-owner who needs financial assistance, please call 800-398-2667 or visit www.covantagecu.org/COVID19 for more information.