Skyward Credit Union launched its Holiday Giveback campaign in October, donating a percentage of every new, used and refinanced auto loan to local nonprofits.
The Kansas-based credit union, which has $407 million in assets and more than 17,000 members, was searching for a way to increase its philanthropic reach while encouraging the growth of its auto loan portfolio, Megan Dominguez, a Skyward marketing associate, told Auto Finance News. “We were brainstorming what we could do and we liked the idea of giving back to the community,” she said.
That’s how the credit union decided to launch its Holiday Giveback program for the months of October, November and December, Dominguez said. Each month, a different charity of Skyward’s choice received donations from its auto loan originations. “That way we can give back to three different charities instead of just one,” she said.
Referred to as “win-win auto loans” on Skyward’s website, the credit union offers rates as low as 2.34% annual percentage rate (APR), no payments for 90 days, flexible terms and refinancing for loans from other financial institutions — all while supporting local charities.
Through the Holiday Giveback program, Skyward has donated a combined $11,475 to three Kansas charities — and that number could climb even higher as December comes to a close, Dominguez said.
The charity of choice for October’s donations was the Kansas Food Bank, a nonprofit organization that provides hunger-relief efforts throughout its 85-county service area, Dominguez said. Donations for the month totaled $4,525, equating to more than 18,000 meals.
In November, the program raised $4,175 for the Union Rescue Mission of Wichita, which helps the hungry through rehabilitation, education and transformation programs, Dominguez said. The donation helped fund more than 1,900 meals for the Union Rescue Mission. “Our CEO really believes in their mission here in Wichita, and he’s seen how they can help people within the community,” she added.
For December, the final month of the program, Skyward’s donations clocked in at $2,775 as of Dec. 21, Dominguez said. Donations will go to The Lord’s Diner, which is open 365 days each year and has a “mission to serve meals with dignity and respect to everyone who is hungry,” she said.
Skyward gives approximately $75,000 each year to organizations in need, Dominguez said. “With COVID, a lot of nonprofits have had a difficult time with fundraising. But we’ve definitely made it a point to continue our donations to nonprofits, regardless if they’re able to host fundraisers or not this year.”
This was the inaugural year for the Holiday Giveback program, but it’s looking like it won’t be the last, Dominguez said. “I’m not sure which charities we’ll go with, but we’ve definitely already talked about doing the program again,” she said.