The Credit Union Difference
Credit unions are cooperatively-owned, not-for-profit financial institutions. Every credit union member is an equal owner of the financial cooperative.
Credit unions reinvest earnings to benefit all members in the form of lower interest rates on loans, higher rates on savings and fewer fees. Iowa credit union members save approximately $160 million annually.
They support members in times of need with low-interest loans for medical emergencies, more options to help families pay for college or buy a home and with financial literacy programs to empower consumers to improve their financial lives.
COVID-19 Impact: Iowa Credit Unions Serve as Financial First Responders
Iowa credit unions have stepped up to help Iowans and small businesses during the COVID-19 pandemic. Here are just a few ways credit unions are putting people helping people into action.
Credit Union Provides Flexibility in Payment for Grinnell Member
A member recently used a “skip payment” option at his credit union. He is self-employed and recently became laid off. He was thankful the credit union offered this option since he can now use the money he has left to go toward food and gas instead of frantically keeping up on his payments and potentially impacting his credit if he cannot make the payment.
People Helping People Has Never Been More Important
Updating the Iowa Credit Union Act
Indirect Auto Lending & GAP Rebates
Increase Access to State Childcare Assistance Program
Affirmative Defense to Data Breach Lawsuits
Has an Iowa credit union had a positive impact on your life or community? Join your fellow Iowans and tell your credit union story today!
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Credit Unions Benefit Iowans
As financial cooperatives, credit unions return excess earnings to members in the form of better rates and fewer fees. Iowa credit unions saved members approximately
$160 MILLION last year.
of total mortgage applications from low/moderate income borrowers are APPROVED
average first mortgage loan made by credit unions
of consumer loans at credit unions are less than
of business loans at credit
unions are less than
Iowa Credit Union Impact
In home and auto loans to Iowans
In Annual Member Savings Through Better Rates and Fewer Fees
Annual Economic Contribution to Iowa's Economy
Credit Unions Are Part of Iowa's Economic Engine
Iowa credit unions contributed $1.9 billion in total economic output in Iowa in 2020. For every $1 spent by the state’s credit unions, there is $0.55 added elsewhere in Iowa’s economy. In addition, every job at an Iowa credit union supports 1.06 other jobs elsewhere in Iowa’s economy.
Helping Small Businesses Across Iowa
Credit unions help small business dreams come to life across Iowa. Below are examples of business owners that have benefited from Iowa credit unions and their people helping people approach.
“Access to ambulatory services can be a challenge for rural communities in Iowa, and our company tries to fill this gap. When purchasing Medivac from the previous owner, the current bank lender was not willing to provide the credit needed to take over the business and vehicle fleet. Luckily, Town and Country Credit Union and Community Business Lenders realized these services are essential to rural communities in this part of Iowa and worked with us on a loan structure that enabled us to take over the business and continue to help Iowans when they need help the most.”
~ Nella Seivert, President & CEO of Medivac
“We went to Green State Credit Union to help finance our start up business for our equipment and operating line of credit. The banks that we talked to were not interested in helping us at the time. They stepped up to the plate, financed our business with flexible terms and we’ve been loyal members to them ever since. Thanks to them, we’ve now added several new employees and continue to grow our business each year. It’s been a great partnership with them.”
~ Cody Bertran, Owner of
J & C Builders LLC
“After being turned down by a bank, Cornerstone Community Credit Union took a chance on me and helped me purchase a truck and mini skidloader so I would be qualified and able to help with larger landscaping jobs. Since then, my business has grown and I have been able to hire additional seasonal staff.”
~ Martin Ortiz, Owner of
Landscapes by Martin