WOODBRIDGE, Va. (2/12/13)--Belvoir FCU is preparing for the possibility of $1.2 trillion in automatic U.S. government spending reductions by offering emergency loan products and services for its members.
Congress is working to avoid the massive spending cutbacks, also known as sequestration, set to take effect March 1.
"We truly hope a sequestration is averted and Congress comes to an agreement," said Patricia Kimmel, president/CEO of the Woodbridge, Va., credit union. "However, if a concession is not attained, Belvoir Federal stands ready to serve our members by providing financial options and supportive services during this strenuous time."
In the event of a sequestration, $298 million asset Belvoir FCU will offer an emergency loan with a 0% annual percentage rate for the first 60 days. The credit union also will facilitate loan workouts and skip-a-pay options to help members avoid defaults on existing loans.
Belvoir FCU also will provide financial coaching to members in need of guidance.