To help military personnel, veterans and contractors who standto be impacted by the sequester budget cuts, CBC Federal Credit Union said it hasestablished a $5 million relief fund.

The $400 million cooperative in Oxnard, Calif., said the budgetcut relief program will be available once cuts have been officiallyannounced.

Members will have access to 0% loans for up to two months of netpay, up to $10,000 per individual, through the end of calendar year2014, according to CBCFCU. Allowances for delayed and partial loan payments are alsopart of the program, which is available to current and new membersto 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 ourlegacy of serving the Construction Battalion Center Port Hueneme,we feel duty compelled to focus on the burden the sequester placeson those serving in the defense of our country.”

The Construction Battalion Center Port Hueneme supports thetraining and mobilization for more than 2,600 active dutypersonnel. The battalion center also operates the Naval BaseVentura County-Port Hueneme installation.

While members who are Department of Defense personnel, DoDcontractors and military veterans are eligible to use CBC FCU'sbudget cut relief program, Baker said the credit union also invitesother members who need assistance.

Founded in 1952 to serve the Construction Battalion Center andthe Navy Seabees in Port Hueneme, Calif., CBC FCU expanded itsmembership in 1999 to include Ventura County. The credit union nowserves more than 20,000 members.