WESTBURY, N.Y. (2/6/13)--Long Island's NEFCU is experiencing substantially increased loan volumes while helping its membership recover from the effects of Hurricane Sandy.
NEFCU provided its members $50 million in special low cost loans in Sandy's wake. The credit union offered a first-year 1% annual percentage rate (APR) on personal loans to assist with repairs, an auto loan discount and auto loan rates as low as 0.74% APR to replace vehicles lost in the storm. NEFCU also offered a special 0% interest rate on its Visa credit card for purchases made at major home improvement retailers
As a result of these programs, the $1.9 billion credit union saw a surge of two-and-a-half times its typical volume for personal loans and one-and-a-half times its usual volume for auto loans.
"We are committed to helping our fellow Long Islanders recover from the aftermath of this devastating storm" said Edward P. Paternostro, president/CEO of the Westbury, N.Y. based credit union. "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."
NEFCU was granted the Small Business Loan Expeditor designation, which provides it with the ability to offer expedited business loans and lines of credit to help business owners in need due to Hurricane Sandy.
The credit union also donated $20,000 to Long Island Cares for local Sandy relief efforts.
Also, 54 NEFCU members received funds totaling $35,000 from the National Credit Union Foundation (NCUF) program, CUAid.coop, for disaster relief recovery efforts. NCUF activated the online disaster relief program to raise money for credit union members along the East Coast affected by Hurricane Sandy. CUAid is the only program of its kind that allows credit unions, their employees, volunteers, and members across the U.S., to contribute directly to support fellow credit union staff, volunteers and members in need.