Rural areas in Tennessee can be difficult to reach and often struggle with broadband connectivity. Credit unions are ensuring that the communities in these areas are not left out and still have access to a full array of critical financial services through a variety of options including mobile branches and telephonic services.
The nation is in the midst of a severe economic recession as a direct result of the COVID-19 pandemic. America’s rural areas will disproportionally suffer with more limited job opportunity, limited healthcare and broadband access, and disproportionately high poverty rates. These communities increasingly need support from a variety of partners and tools including government, healthcare, and finance. Credit unions are not-for-profit financial institutions that are dedicated to serving their members, regardless of location or socioeconomic background. As the pandemic continues to impact the nation, credit unions are a beacon of stability and security for rural citizens.
As of June 2019, almost one-fourth of all credit unions are headquartered in rural areas, making them uniquely positioned to serve rural communities by providing capital infusions, emergency loans, and trusted advice. Rural credit unions, like the 85 branches in Tennessee, provide essential financial services to communities, help stimulate the economy indirectly and directly, and provide a safe place for people’s money.