Hurricane damage in the Bahamas. (Source: Shutterstock)
State Employees' Credit Union of Raleigh, N.C., has donated $125,000 to the Worldwide Foundation for Credit Unions to help helping credit unions in The Bahamas recover from Hurricane Dorian.
The gift from SECU ($40.6 billion in assets, 2.4 million members) accounts for more than one-third of the $348,000 in donations made to the foundation's Project Storm Break disaster relief fund.
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World Council President/CEO Brian Branch said Project Storm Break was developed as a fund prepared in advance of any disaster, and has allowed the council to provide help earlier than in the past.
"This allows credit unions to begin restoration and repair work before the price of materials skyrocket and local contractors are tied up with other work—as we saw in Puerto Rico and Dominica after Hurricane Irma" in September 2017, Branch said.
Dorian was a Category 5 hurricane when it made landfall Sept. 1 on the Bahamas's Abaco Islands and Grand Bahama Island, 70 miles east of Palm Beach, Fla. It sat on the Bahamas for about two days causing massive destruction before weakening and drifting northward along the U.S. coast.
As of Oct. 10, Bahamian officials said storm had killed 61 and about 420 were missing.
"State Employees' Credit Union members and Board understand the life-changing impacts of hurricanes and realize the terrible harms which have been wrought on the good folks of The Bahamas," SECU President/CEO Mike Lord said.
"We hope this donation will help them put their lives back together through the support of their local credit unions," Lord said. "We know that World Council of Credit Unions and Worldwide Foundation for Credit Unions do much good in the world and we support your efforts."
The Worldwide Foundation is working with the Caribbean Confederation of Credit Unions (CCCU) to get Project Storm Break funds to credit unions in need.
Those funds have already been distributed to help four credit unions restore infrastructure and replace equipment at branch locations on Grand Bahama—one of the island's hit hardest by Dorian.
Public Workers Co-operative and National Workers Co-operative were the first Bahamian credit unions to receive rebuilding and restoration funds available through Project Storm Break in early October.
Project Storm Break funds are now being distributed to help Grand Bahama Co-operative Credit Union (GBCCU) and Bahamas Law Enforcement Credit Union (BLECU) repair infrastructure and replace equipment.
Mike Reuter, executive director of the Worldwide Foundation for Credit Unions, said SECU's donation exceeded their expectations.
"The generosity of Mike and his team at SECU is truly remarkable," Reuter said. "We are so grateful to them and all our Champions helping credit unions in The Bahamas rebuild."
Donations to WOCCU's Project Storm Break can be made through its website at DoGlobalGood.org. The
The World Council of Credit Unions is a global trade association and development platform for credit unions based in Madison, Wis. It has implemented more than 300 technical assistance programs in 89 countries.
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