Iowa Credit Union Foundation Executive Director Jaimie Miller joined us on the show to share new data -- based on 11,000 applications received statewide for the Emergency Relief Fund -- of the incredible financial need during COVID-19 that also provides a revealing glimpse into the challenges facing Iowans and small businesses. These discoveries could also be indicative of what's occurring nationwide, as well -- providing credit unions with an inside look at how to help their members' struggles during this time.
Here's some of the data's findings from the grant applications shows (due to COVID-19):
58% of applicants have lost employment
51% of applicants are unable to afford their rent or mortgage
46% of applicants are unable to afford their utility bill
41% of applicants are facing food insecurity
28% of individual applicants do not qualify for any other assistance programs
42% of business applicants have currently closed their business
24% of business applicants are not eligible for other government assistance programs
Jaimie explains what this data could mean for credit unions and their members, as we all start thinking of how to climb out of this situation and onto a healthy recovery.
In addition, Jaimie discusses how the Foundation has also been partnering with United Ways of Iowa, working together to support to the organization's 211 initiative.
Check it out when you get a chance and let us know your thoughts.
Mike Lawson, Host
Married to a beautiful and wonderful wife, raising 5 kiddos (including twins!), enjoy helping others tell their stories, and love surfing SoCal waves. Keep it simple.