Ukraine Agricultural Loan Reimbursement Program Launches with $100,000 Grant from Worldwide Foundation for Credit Unions

MADISON, Wis.—$100,000 from Worldwide Foundation for Credit Unions’ (WFCU) Ukrainian Credit Union Displacement Fund is providing targeted aid to farmers faced with an increasing food security crisis brought on by Russia’s war in Ukraine.   

Utilizing an account set up in collaboration with Ridnia, a Ukrainian NGO, the grant dollars from WFCU will go to reimburse at least 585 farmers on 10% of their agricultural loan principal payments. For a farmer to receive the reimbursement, their loan must have been: 

1. Issued by a credit union that partners with World Council of Credit Unions’ Credit for Agricultural Producers (CAP) Project, a USAID-funded activity.
2. Issued by a credit union that is not operating in an active conflict zone. 

These types of agricultural loans typically average 50,000 UAH, or the equivalent of US $1,700.

WFCU will monitor the impact of the reimbursement program and convey the outcomes for both individual farmers and the collective program to the Displacement Fund’s 1,500 donors from across the international credit union community.   

“In an ever-increasing global food crisis, WFCU is doing its part to support Ukraine’s credit union member farmers who are at ground zero, facing both economic hardship and resource constraints,” said Mike Reuter, Executive Director of Worldwide Foundation for Credit Unions.  

This is the second disbursement from the Ukrainian Credit Union Displacement Fund. WFCU in March awarded a $50,000 grant to the Podolian Agency for Regional Development (PARD), a Ukrainian non-governmental organization that is providing humanitarian assistance to hundreds of refugees from Kyiv, Kharkiv, Mariupol, Kherson, Melitopol and other cities who are seeking refuge in the Vinnytsia region of western Ukraine. PARD used part of the WFCU grant to assemble a temporary shelter, and is also working to purchase and deliver food, water, medicine, bedding and other supplies to internally displaced Ukrainians.  

Other assistance programs that will utilize the Ukrainian Credit Union Displacement Fund are currently in development to address specific credit union and member pain points caused by Russia’s invasion of Ukraine, which began on February 24. 

Since WFCU created and deployed the Displacement Fund on February 27, nearly $1.7 million has been raised from across the international credit union community to support the challenges Ukraine’s credit union system is facing. 

The Worldwide Foundation for Credit Unions, as the strategic partner of the World Council, bridges gaps impacting credit unions' ability to grow and advance financial inclusion worldwide. Our commitment to provide global credit union journeys augments our shared vision with World Council's of realizing a vibrant and growing global credit union movement. Worldwide Foundation's philanthropy advances World Council's technical capacity to strengthen credit union systems that advance financial inclusion to underserved communities. 

El Consejo Mundial de Cooperativas de Ahorro y Crédito es la asociación gremial y agencia de desarrollo para el sistema internacional de cooperativas de ahorro y crédito. El Consejo Mundial promueve el crecimiento sustentable de las cooperativas de ahorro y crédito y otras cooperativas financieras en todo el mundo a fin de facultar a las personas para que mejoren su calidad de vida a través del acceso a servicios financieros asequibles y de alta calidad. El Consejo Mundial realiza esfuerzos de defensa activa en representación del sistema global de las cooperativas de ahorro y crédito ante organizaciones internacionales y trabaja con gobiernos nacionales para mejorar la legislación y la regulación. Sus programas de asistencia técnica introducen nuevas herramientas y tecnologías para fortalecer el desempeño financiero de las cooperativas de ahorro y crédito y profundizar su alcance comunitario.

El Consejo Mundial ha implementado 300+ programas de asistencia técnica en 90 países. A nivel mundial, 82,758 cooperativas de ahorro y crédito en 97 países atienden a 404 million de personas. Obtenga más información sobre el impacto global del Consejo Mundial en www.woccu.org.