HAMPTON, Va.– Hampton Roads Educators Credit Union, Inc. (HRECU) has been awarded a $10,000 grant from NCUA to fund the COVID19 Loan Payment Relief Program (CLPRP).
The grant will assist the credit union in helping members financially by deferring their loan payments. 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 said.
“Reduced work hours and sudden layoffs have had a dramatic impact on many of our members,” stated Manager/CEO Karen Orie. “Our goal is to reach out and assist those members financially impacted by the COVID-19 Pandemic.”
“The COVID-19 pandemic will affect federally insured credit unions, members, and communities in a number of different ways,” NCUA Chairman Rodney E. Hood said. “Low-income credit unions serve many communities that are vulnerable to economic and financial disruptions resulting from the virus. The grant funding will help to continue offering quality and affordable financial services to their members and communities.”