Through its Life Line Loan, Hanscom Federal Credit Union said itis ready to assist members who are federal employees with financialhardships brought on by the sequestration.

The interest-free loan went into effect on March 1, which wasthe same day that sequester cuts kicked in. The cuts areapproximately $85.4 billion in reductions in federal spending thatare expected to impact defense spending, federal employees andother areas.

Headquartered at Hanscom Air Force Base in Massachusetts, the $1billion credit union serves 48,515 members nationwide andoverseas.

Hanscom FCU said members will have access to a 0% annualpercentage rate interest line of credit for 30 days, equal to onemonth's net payroll up to $5,000.

Hanscom FCU said the Life Line loan is attached to a creditunion member's checking account to provide additional funds tocover checks, ATM withdrawals, and debit card purchases.

In addition, the credit union said it will waive penalties forpremature withdrawals on term share certificates held by affectedmembers.

The cooperative also provides free and confidential financialcounseling and education through BALANCE Financial Fitness for helpwith budgeting, managing credit, and assessing their finances.

“We're here to help our members should their income be affectedby sequestration,” said Paul Marotta, Hanscom FCU chairman of theboard. “We are true to our roots and the credit union motto 'peoplehelping people.'”

Several other credit unions also have announced plans to helpmembers affected by the budget cuts.