WOODBRIDGE, Va. (7/16/13)--Since February, Belvoir FCU in Woodbridge, Va., has sought to assist members experiencing adverse effects from sequestration--federal government spending cuts--by developing emergency loan products, forming services to support members, and informing employees of its response.
The $299 million asset Belvoir aided 37 members: 20 with financial coaching, four with an emergency loan, seven with loan workout options, and six with a skip-a-pay. It also answered several questions from concerned members.
In addition to helping those 37 members, Belvoir's financial coach hosted four seminars for 50 participants about "Taking Charge in Tough Times" and "It's a Matter of Life and Debit" at facilities throughout Fort Belvoir.
A number of other credit unions nationwide--especially defense credit unions--have instituted programs to help members who are federal employees and their families deal with the budget cuts.