3 New WFCU Grants Fulfill Areas of Need for Ukrainian CUs

L: The chief accountant of Credit Union KhKVD in Kharkiv displays a power station purchased with WFCU grant dollars. R: A generator purchased by Credit Union Taystra in Ivano-Frankivsk Oblast. (Photos: WFCU)

As Russia’s ongoing invasion of Ukraine approaches the one-year mark, Ukrainian credit unions are struggling to maintain normal operations. Due to Ukrainian military personnel being exempt from paying interest on their loans under martial law, credit unions are feeling the pains of lost interest income. In addition, Russia’s attacks have disrupted Ukraine’s power grid, leaving many businesses, including credit unions, without electricity. And as a result of poor economic conditions in the country including rising inflation, Ukraine’s credit unions are having trouble keeping up with basic operating costs.

The Worldwide Foundation for Credit Unions is helping to ease these burdens with new grant programs specifically designed to address these three areas of need: The Servicemen Interest Compensation Program, Covering Operational Expenses Program and Alternative Power Sources Program. WFCU distributed a total of $355,000 to Ukrainian credit unions in December 2022 through the new grant programs: