$18,737 in Interest on Member Loans Was Recently Forgiven
Through our Deferred Payment Relief for Service Industry Workers initiative, we were able to forgive $18,737 on 50 loans held by members who were hardest hit by the pandemic due to loss of income.
We received a $10,000 grant from the National Credit Union Administration (NCUA) to assist members who suffered a financial impact from a loss of employment due to COVID-19. We forgave an additional $8,737 in an effort to help more members.
Our mission statement is ‘Helping people live better lives.’ This initiative has helped numerous members in a challenging time and is an example of how Natco lives up to our mission.
Below is an example of a member who was helped by the Deferred Payment Relief for Service Industry Workers initiative.
This member was laid off in March when their employer closed due to COVID. A 90-day payment deferral on credit union loans was immediately granted. Not long after losing their income, they contracted COVID-19 and came very close to losing their battle with the virus. They were placed on a ventilator, then suffered a stroke, and lapsed into a coma.
After a lengthy stay in the hospital, they recovered enough to be released but were unable to care for themself. They temporarily moved in with a relative, where they received visiting nursing services and were required to wear a heart monitor. Almost four months later, they still had lingering symptoms that may never go away. They were eventually able to return to work with the added burden of a mountain of medical bills.
During their time off, interest accumulated on two credit union loans in the amount of $1,691.56. Through this initiative, Natco was able to forgive the entire amount of accumulated interest The member was moved to tears and said that no one had ever done something that nice for him in their entire life.