CoVantage Credit Union has funded about $550,000 in storm-relief loans for 40 households affected by an April tornado in Marathon County, Wis. The assistance program, originally scheduled to end May 31, has been extended through June 30 as recovery efforts continue and some residents face lengthy insurance claim processes and contractor wait times.
The Antigo, Wis.-based credit union has more than $4 billion in assets and serves more than 182,000 members. It launched the program after an EF-3 tornado struck the Ringle community on April 17, damaging 80 homes, some of them beyond repair. Fifty-eight of those households were CoVantage members.
"We've extended the storm-relief loan program through June 30 in response to ongoing needs," Lindsey Mueller, CoVantage's director of advocacy and financial education, said. "Due to the lengthy insurance claim process and months long waiting lists for contractors, we extended the program to better support those navigating repairs or rebuilding. To date, 40 households have received financing through this program."
The storm-relief program offers personal loans of up to $25,000 at 4.99% APR, with the option to delay the first payment for up to 90 days. The credit union is also offering $2,500 off construction loan closing costs for members facing major rebuilding projects.
In addition to the loan program, CoVantage donated $30,000 to the Community Foundation of North Central Wisconsin's Emergency Relief Fund and partnered with TruStage Foundation, which contributed an additional $10,000.
"TruStage has been an outstanding partner in moments like this," Charlie Zanayed, president/CEO of CoVantage Credit Union. "Their contribution reflects a shared commitment to helping communities recover and rebuild following natural disasters."
CoVantage employees and volunteers from TruStage also participated in cleanup efforts following the storm. Volunteers logged more than 80 hours helping with property cleanup at 10 homes, served about 200 meals and provided onsite financial services to residents affected by the tornado.
"The recovery phase following a tornado of this scale will take time, and the work is far from over. Volunteers from the credit union and our friends at TruStage® answered the call to serve with their hands and hearts," Mueller said. "It's moments like these in which the cooperative spirit truly shines."
Zanayed said "these are moments when showing up matters. Our people-first mission means listening, responding, and standing shoulder to shoulder with our communities when they need us most."
At one point during the recovery effort, the credit union was searching for a central location where it could serve meals, answer financial questions and coordinate volunteers.
"When a member heard what we were trying to accomplish, he offered what remained of his home for the credit union to use," Mueller said. "He even gave us access to his garage to give members more privacy when discussing their finances."
Mueller said the response from community members highlighted a broader awareness of the role credit unions can play during times of crisis.
"The most common sentiment we heard from community members was, 'I didn't know credit unions do this,'" she said. "Our teams were proud to show the credit union difference and be present, responsive and committed when they needed us most."
One of the biggest challenges following a natural disaster is balancing the need to respond quickly without interfering with emergency crews and debris removal efforts, Mueller said.
"We want to respond quickly, but it's important to avoid interfering with emergency crews and debris removal professionals," Mueller said.
The credit union also had to consider whether it could provide the same level of support if a similar disaster occurred elsewhere within its service area, Mueller said.
"It's also important to consider, 'If an event like this occurred elsewhere in our charter area, would we have the capacity to respond at the same level?'" Mueller said. "Finding a balance between urgency, coordination, and service area equity is key."
Joyce Moed can be reached at joyce.moed@arc-network.com
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