Two CEOs who met while showing the world how they were empowering members on International Credit Union Day are now working together through World Council of Credit Unions’ Credit for Agriculture Producers (CAP) Project to build a more resilient credit union in wartime Ukraine.
The CEOs of Dundalk Credit Union (Ireland) and Credit Union PVKS, a CAP Project partner credit union in Ukraine, both gave presentations on World Council of Credit Unions’ International Credit Union Day 2022 Empower Webinar.
That started a relationship that led Dundalk CU to work through the CAP Project to provide a grant that allowed PVKS to purchase power generators.
With the war limiting PVKS’ capacity and resources, the CAP Project team helped to implement the initiative from the initial negotiations through the grant management process. The grant ultimately allowed PVKS to purchase enough generators and power supplies to continue operations at its 10 active branches that serve nearly 9,000 members in four oblasts of Ukraine.
“We are sincerely grateful for your support and contribution to the victory of our country and its democratic vales. By helping us, you are primarily helping our people and our country to continue working and fighting for our freedom and victory,” said Viacheslav Vytiuk, CEO of PVKS Credit Union.
Maintaining operations through the remainder of the winter is crucial for PVKS to continue offering agricultural loans in the ramp up to the spring planting season. Since the start of the war, PVKS has disbursed over 1,000 loans totaling roughly $600,000, including 296 agricultural loans exceeding US $300,000 in value.
Half of those PVKS loans were issued using money provided through the USAID/Worldwide Foundation for Credit Unions Liquidity Fund. Since its inception in April 2021, the Liquidity Fund has allowed 18 CAP Project partner credit unions to provide SME agricultural borrowers with 837 loans worth a total US $1.9 million.