To help military personnel, veterans and contractors who stand to be impacted by the sequester budget cuts, CBC Federal Credit Union said it has established a $5 million relief fund.
The $400 million cooperative in Oxnard, Calif., said the budget cut relief program will be available once cuts have been officially announced.
Members will have access to 0% loans for up to two months of net pay, up to $10,000 per individual, through the end of calendar year 2014, according to CBC FCU. Allowances for delayed and partial loan payments are also part of the program, which is available to current and new members to supplement lost income.
“Sudden and unexpected loss of income is a shock to anyone,” said Kelly Baker, CBC FCU vice president of business development. “But with our legacy of serving the Construction Battalion Center Port Hueneme, we feel duty compelled to focus on the burden the sequester places on those serving in the defense of our country.”
The Construction Battalion Center Port Hueneme supports the training and mobilization for more than 2,600 active duty personnel. The battalion center also operates the Naval Base Ventura County-Port Hueneme installation.
While members who are Department of Defense personnel, DoD contractors and military veterans are eligible to use CBC FCU’s budget cut relief program, Baker said the credit union also invites other members who need assistance.
Founded in 1952 to serve the Construction Battalion Center and the Navy Seabees in Port Hueneme, Calif., CBC FCU expanded its membership in 1999 to include Ventura County. The credit union now serves more than 20,000 members.