Honor Reveals 2020 Community Impact Numbers
Berrien Springs, MI – February 9, 2021 – 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 rollout 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 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,” commented 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.”
Honor Credit Union is proud to serve more than 90,000 members across the State of Michigan. Providing solutions for your financial success and giving back to the communities we serve are the driving forces behind Honor Credit Union. For more information, call 800.442.2800, or visit www.honorcu.com.
800.442.2800 ext. 9205
More To Explore
Members saved over $360,000 in waived fees, small business partners received millions in PPP loan funds, and read how Honor invested heavily in local communities.
Nearly $500,000 was donated to community organizations in 2019. Over 50,000 pounds of paper was recycled. Members earned over $550,000 in checking account interest.