HAMPTON, Va.–Hampton Roads Educators Credit Union assisted 21 members through its COVID19 Loan Payment Relief Program (CLPRP). A total of $9,327.41 was distributed through deferred loan payments.
HRECU said many members, particularly those outside of the teaching profession, are low-wage workers, often minorities, who feel the economic impact of COVID-19 the most. The credit union CLPRP was offered on a first come, first serve basis to members by request until the grant funds were nearly depleted.
“Reduced work hours and sudden layoffs have had a dramatic impact on many of our members,” said Manager/CEO Karen Orie. “In addition, with schools closed, workers whose jobs are not directly impacted, may have to choose between caring for their children and earning a paycheck or in a lot of cases having to suddenly pay someone to watch their children while they work. Our goal was to reach out and assist those members financially impacted by the COVID-19 pandemic.”
HRECU applied for grant funding in March through NCUA as part of the COVID Emergency Grant funding via the Community Development Revolving Loan Fund.
Through the COVID Emergency Grant award, HRECU was able to defer and fund members’ loan payments, giving them additional relief from other mounting bills until they were able to regain financial stability.
The program was marketed through the HRECU website, member emails, handouts and Social Media channels. Members contacted the credit union for assistance. Approval for the deferments were completed on a case by case basis and dependent upon how compelling Covid-19 had affected their family financially.