PEWAUKEE, Wis.–Credit unions in Wisconsin have provided more than $1 billion in depositor savings over the past decade, and in just the past year $3 billion in small business loans, 500,000 hours of free financial counseling, 64,000 volunteer hours, $1 million for local causes and more than 100 youth-run branches, according to the Wisconsin CU League.
The figures are included in the league-produced 2015 Real Solutions Scorecard. League President and CEO Brett Thompson noted in the report that credit unions’ structure as cooperatives allows them go where other institutions can’t or won’t to help 2.7 million Wisconsin citizens, schools, small businesses and local causes.
The report shares stories about credit union services that are atypical of other financial institutions, including:
- A truck driver saved $10,000 over the term of a small business loan that kept him on the road.
- A single mom got free coaching to pay down debt and save $6,200, reversing years of poor financial habits.
- A school teaches students to save and imparts key job skills using one of this state’s credit unions’ 100+ youth-run branches.
- A county jail financially prepares women for release with a credit union-designed educational program.
“In addition to providing services that so many consumers value, we’re proud to say Wisconsin’s credit unions are thriving,” Thompson remarked in his opening message.