Months after Hurricane Sandy destroyed communities in several states, NEFCU said it is in it for the long haul to help those impacted by the storm.
The $2 billion credit union in Westbury, N.Y., said it provided $50 million in low-cost loans to the Long Island community.
Personal loans with a 1% annual percentage rate for the first year to assist with repairs and auto loan discounts and low auto loan rates to replace vehicles lost in the storm were made available.
As a result of these programs, NEFCU said it experienced loan volumes that were two and a half times and one and a half times its typical volumes, respectively.
NEFCU said it also offered a 0% interest rate on its Visa credit card for purchases made at major home improvement retailers as well as a 90-day payment deferral option on its loans.
A designation as a small business loan expeditor gave the credit union the ability to provide business loans and lines of credit to help business owners in need due to Sandy, NEFCU said. This allowed organizations to get their funds more quickly and experience an all-around streamlined application process, the credit union added.
NEFCU said it also donated $20,000 to Long Island Cares for local Sandy relief efforts. Fifty-four of its members received funding totaling $35,000 from the National Credit Union Foundation's CUAid.coop program for disaster relief recovery efforts.
“We are extremely proud to have been able to respond so quickly to the needs of those most hard-hit, and provide the assistance they needed to begin the rebuilding process,” said Edward Paternostro, president/CEO of NEFCU.
“We have called Long Island our home for 75 years, and while we acknowledge it will take much time for our community to return to normalcy, our organization continues to stand ready to assist our neighbors through the restoration process,” Paternostro said.
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