As you begin planning for 2021 and beyond, it’s crucial to recognize the impact that COVID-19 and the resulting financial impact will have on lending and plan accordingly.

The recession period of 2008 – 2009 affected millions of people and its impacts were felt in many ways. By December 2009, the unemployment rate was 10% and median family net worth dropped 40% to $84,000. During this recession, we also saw 8 million foreclosures, more than 68,000 bankruptcies, small business loans drop 70%, and the number of credit unions and banks decline from 2006 – 2008 (5.3% and 9.3%, respectively).