Colorado Springs, Colo. (April 16, 2020) – In the midst of the pandemic, Ent Credit Union continues to help members by approving more than $24 million in emergency loans, deferring more than $90 million in loan payments, eliminating and reducing fees and doubling business lines of credit. In addition, it has prioritized the safety and welfare of its employees from the beginning.
“We began to prepare for this scenario weeks before the social distancing and shelter-in-place mandates were instituted,” said Chad Graves, CEO. “We knew this would be a huge undertaking and worked to make sure the bulk of our staff could work safely from home, while still serving our members at the highest possible level – sometimes in new and creative ways.”
Ent rapidly implemented several COVID-19 Member Relief Programs that have resulted in:
- Deferred loan payments on business loans totaling $89 million
- More than 5,000 emergency loans totaling more than $24 million
- Increased lines of credit by more than $1.6 million for Colorado small businesses
- More than 30,000 monthly consumer loan payments skipped (including personal, auto and home equity line of credit)
- More than $1.7 million in deferred mortgage payments
- Fee relief for thousands of members with eliminated and waived fees
Ent also worked diligently to protect employees when social distancing and stay-at-home mandates began, and provided them with the necessary resources to work remotely. Some extra measures Ent has taken include:
- Ordering new laptops and other equipment for people to work remotely
- Paying front-line staff interfacing with the public and call center staff at time and a half for the added risk they’re taking to serve members
- Paying staff while home sick, in quarantine or caring for young children without counting it against paid time off (PTO)
- Extra levels of sanitizing and cleaning measures
“Approximately 45% of Ent staff members are working remotely for the first time,” Graves added. “It shows their level of professionalism and passion that they’ve adapted so quickly to new processes serving members, as well as the dedication of our service center team members working at our drive-up locations and call center.”
In addition to physical safety, the mental well-being of staff is also a priority for Ent. Like many companies, regular check-ins on Zoom meetings are key, but it has also offered employees free mental health days that don’t count against their PTO. “We want to make sure our staff has the tools they need to not only take care of our members, but to also take care of themselves and their families,” explained Graves.
About Ent’s COVID-19 Member Relief Programs
Please visit Ent.com/Coronavirus.
About Ent’s $250,000 Emergency COVID-19 Donations
Please visit our press release page.
About Ent’s $50,000 We ♥ Small Business Giveaway
Please visit Ent.com/welovesmallbusiness.
Founded in 1957, for the second consecutive year Ent is ranked Colorado’s #1 credit union by Forbes. A different kind of financial institution, Ent is committed to improving members’ financial quality of life with better rates, lower fees and Ent Extras® Cash Rewards. With $6+ billion in assets, Ent serves more than 370,000 members at more than 35 convenient service centers all along the Front Range. Businesses and people (who live, work, worship or attend school) in Adams, Arapahoe, Boulder, Broomfield, Denver, Douglas, El Paso, Elbert, Fremont, Jefferson, Larimer, Pueblo, Teller and Weld counties may join the not-for-profit financial, community-chartered credit union. Ent is an Equal Housing Opportunity and Equal Opportunity Lender, insured by the NCUA.
Media Contacts: (Please email to arrange calls at this time)
Jennifer Sussman, Chief Marketing Officer
Ent Credit Union
Nancy Lonergan, Marketing
Ent Credit Union