Special Relief Loans were needed to repair damage, remove debris, and replenish lost food and supplies.

Less than five days after Hurricane Helene stormed through Greenville and Western North Carolina in late September, Greenville Federal Credit Union launched a special low-rate loan to help members cover immediate financial need during the crisis. Available to all members and community, the Special Relief personal loan offered a low 4.99 % APR fixed rate to help members pay for a range of uses including tree removal, damages, lost wages, insurance deductibles, food replacement, and appliance replacement.

“Once the credit union regained power and opened the majority of our branches after the storm, we focused our efforts on identifying how we might best support our members and community through this historic event,” said Paul Hughes, credit union President and CEO. “It became clear almost immediately that many people across our area were suddenly facing extreme financial burden beyond the typical weather-related power outage problems. We knew offering access to a low-cost personal loan option would be the best way we could help.”

With more than 200,000 homes in Greenville impacted by power and internet outages for days after the storm, finding ways to share disaster assistance information and resources with members and the community became the credit union’s top priority. The credit union helped spread information quickly through a coordinated communication plan and good “old-fashioned” word-of-mouth.

Over 330 people applied for special relief loans during the weeks following the hurricane with most requesting the funds to help make rent payments, pay for damages, and replace food spoiled during the lengthy power outage. The credit union’s lending and member service teams pivoted their activities to focus solely on processing, reviewing and underwriting incoming applications, and funding loans as quickly as possible.

Four months after the hurricane, the credit union is now seeing a steady inflow of FEMA reimbursements, insurance claim disbursements, and internet service refunds to member accounts. “We are glad to see so many members are now receiving additional assistance to help stabilize their finances ahead of holiday spending,” continued Hughes. “As Greenville’s credit union, our goal is to always step up to make financial services and resources affordable and accessible for all - in good times and in bad – because in doing so, we help improve the well-being of our members and community.”