I’m proud of the accomplishments, achievements, milestones, and the impact our organization had in 2020; especially after the unprecedented year we just experienced.
The global health crisis required us to alter operations almost overnight. Protecting the wellbeing of our staff and members was (and still is) a top priority. I truly appreciate the support and understanding of our members during this time as we quickly pivoted the way we provide our services.
As the health crisis grew, our efforts shifted to the impact we could have in supporting the financial wellbeing of our members, businesses, and community organizations. From the onset of the virus, we suspended several fees. And we continued to make an impact by offering payment deferrals and modifications to over 5,800 loans (totaling over $211 million in balances). We also originated over $13 million in Paycheck Protection Loans to businesses across Michigan. And we launched and supported crowdfunding campaigns across the state to help struggling small businesses.
But support goes beyond financial impact. It’s impossible to address 2020 without recognizing the existence of racial inequities and inequality. Recent tragedies and senseless acts of violence have had a significant and disproportionate impact on black, indigenous, and people of color in our communities. It hurts to know that our friends, neighbors, team members, and members live with fear, stress, and worry simply due to the color of their skin.
Our communities are hurting, and we must take steps to right the injustices that have been lived with for far too long. Now more than ever, we need to demonstrate, not only by our words but by our daily actions and decisions, that we stand against racism and bias. We can and will do more.
Since 2019, Lake Trust has supported the Michigan Diversity Council. And I am dedicated to accelerating our work to create the most equitable, diverse, and inclusive culture possible within our organization; where all people of color are heard, valued, know, and feel that they belong. I know our obligation does not stop with being a place of employment, as we must actively work to make systemic and institutional changes for our members and our communities across Michigan. I know that this isn’t easy, but I know we will make a difference.
Thank you to our members, our team, and our community partners for your continued support. Though it certainly wasn’t business as usual in 2020, Lake Trust remains financially strong and well-capitalized, enabling us to advance our strategic initiatives, innovate, grow, and power even more positive impacts in 2021. Thank you for helping us create the stories contained in this report.
David C. Snodgrass
President & CEO