Heritage Federal Credit Union responds to needs during the COVID-19 pandemic
NEWBURGH, IN (April 29, 2020) — Heritage Federal Credit Union continues to look for ways to serve our members, employees, and community in the midst of the COVID-19 pandemic. Through the leadership of CEO David Milligan, President Tony Aylsworth, and our Board of Directors, the following programs have been implemented to serve our community.
Employee Compensation
HFCU greatly appreciates the efforts our employees are making to continue to help our members. Our members are also facing uncertainty, and this is the time they really need us. As a result of these efforts, on March 30th and continuing through May 9th, all employees are receiving an increase in pay. All employees are eligible for this pay increase whether they are working from home or at the office. Additionally, under the Families First Coronavirus Response Act (FFCRA) issued by Congress, HFCU added 10 emergency sick days for COVID-19-related absences.
Hardship and Loan Assistance
Special policies have been put into place to help address COVID-19-related hardships for members with Heritage Federal Credit Union auto loans, consumer loans, credit card accounts, loans secured by real estate, and mortgage loans.
No Payments for 90 Days
From April 17 through July 31, HFCU is offering No Payments for 90 Days on new and used vehicle loans and refinancing on existing non-HFCU loans. This is one more way to help members save money and take advantage of low rates.
Small Business Paycheck Protection Program
Many of our local businesses have been inquiring about the Paycheck Protection Program (PPP). The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. As an approved SBA 7(a) lender, HFCU participates in the program. To date,$2,373,600 and growing has been distributed by HFCU to local businesses through this fund.
COVID-19 Crisis Response Fund
The COVID-19 pandemic has affected so many in our community and our local leaders have come together to respond. A fund has been established, with a goal of $6M, through the United Way of Southwestern Indiana so that individuals and families in need are supported. We are on board and have made a donation to get the HFCU support started. Donations are accepted in drive-thrus at our branches for this special account by referencing “COVID-19 Crisis Response” with a donation. In addition, HFCU is promoting the fund through our outdoor digital signage.
N95 Mask Donation
Our community needs every public servant healthy and ready to respond. With masks in short supply, HFCU donated some extras we had to the Warrick County Sheriff’s office. Protecting those that serve on the front lines in this crisis is one more way we can support those who protect us every day.
Newburgh Tornado Relief Bridge Loans
At the end of March, an F-2 tornado touched down in Newburgh and caused extensive trauma and damage for many of our members. HFCU reached out to these members and offered personal loans and HFCU VISA® credit cards to carry families through until a time that their insurance could take over.
About Heritage Federal Credit Union
Heritage Federal Credit Union is a full-service financial institution with over $940 million in assets and serves more than 65,000+ members in Gibson, Posey, Warrick, Vanderburgh, Daviess, Knox, Spencer, Pike, Perry, Crawford, Clark, Floyd, and Harrison Counties in Indiana; Henderson, Daviess, Hopkins, Hancock, Ohio, McLean, Webster, Union, and Crittenden Counties in Kentucky; and Lawrence, Wabash, White, Gallatin and Hardin Counties in Illinois. As a nonprofit, credit unions provide low-cost financial services to their members and are mission driven. Founded in 1965, Heritage Federal is committed to improving the daily lives of those we live and work with, providing members the best financial products and services, and giving back to the local communities through donations, sponsorships, and volunteerism. More information regarding Heritage Federal Credit Union can be located at heritagefederal.org
