Danielle Humphrey could hear the relief in the voice at the other end of the phone ā with a plan for deferred payment now in the works, the caller could turn to more urgent pandemic-related issues knowing that their familyās car would not be repossessed.
As a member advocacy manager at Electro Savings Credit Union, Humphrey said this past year has been a challenge for so many as the pandemic rollercoaster played out in real time. On the verge of losing homes, cars, jobs and even businesses, credit union members were calling for help at an unprecedented rate. Individuals who, up until then had never missed a payment or a day of work, were suddenly without the means to put food on the table for their families. Finding solutions to these problems was up to Humphrey and her team of advisors.
Financial relief for members started at the top
Electro CEO, Jim Struble, announced a three-pronged relief effort to help alleviate the effects the immediate shutdown had on both the credit unionās members and the communities it served in spring 2020, right as the pandemic began to hit the area. These included the Power of Comm(Unity) Grant Program, Community Relief Deferrals and Community Relief Loans. In addition, the credit union helped to keep businesses and their workforce employed during the COVID-19 crisis through its participation in the SBA-backed Paycheck Protection Program (PPP) loans, securing more than $1 million for 57 local businesses.
Helping local communities and individuals grow and thrive
The Power of Comm(Unity) Grant Program, which challenges members and St. Louis organizations to submit project ideas of all sizes, supports local solutions to local community needs. The 2020 recipients included the Youth Be Heard Strengths-Based Writing Program, the Southeast Ferguson Community Association Unity Center and the Adopt-A-Block/Oakmont Townhomes Community Garden. The companyās previously-existing community programs take this support even further with efforts such as the Power of Partnership, which includes monetary and in-kind donations and employee volunteerism, as well as the Edward G.Ā Halliburton Scholarship that recognizes three high school senior Electro Savings members for their outstanding academic achievements and community involvement.
āItās so insightful,ā Humphrey said. āThese programs allow us to personally help those in the community to such a degree that the sigh of relief can actually be heard during our conversations with members as we work together to find a solution to their problems.ā
Going above and beyond to find solutions
The unprecedented case-by-case effort included regular pandemic team meetings to discuss the ongoing obstacles the crises was causing and thousands of phone calls to members. Whatās going on? Whatās going to work? How can we help? What do you need? What solution will keep the car in the driveway, the family in the home and the business lights on? Ā
Many phone calls and heartfelt conversations later, the Electro team would more often than not be able to develop a solution to the problems at hand ā something that would help the members adjust to the new reality; perhaps one or multiple deferred car payments, or help with a second mortgage. As a result, nearly 1,000 members were able to secure a path forward and out of financial ruin as part of the effort.
Humphrey is proud that her team is as invested in its members as the members are to the credit union. The two go hand in hand, so to speak, for the financial strength of its members allows Electro the ability to give time, talent and support to the community, through investment and volunteer services by the staff.
Itās a healthy, viable partnership, Humphrey said.
Itās the power of community.