DES MOINES, Iowa — Iowa credit unions Wednesday were starting to feel the harsh economic impact of the recent flooding as thousands of grant applications from victimized members and employees were pouring into CU offices in the worst-hit areas.
“I have 150 applications on my desk alone,” declared James Hagerman, president/CEO of the $168 million Linn Area CU in Cedar Rapids, whose employees and officers were given special time off this week working in teams of six and eight to help in the massive cleanup effort of downtown areas.
The losses “are simply staggering to this city,” said Hagerman, noting his CU was girding for the impact of members seeking loan help in light of new reports issued by the city this week showing 2,000 Cedar Rapids homes to be demolished.
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