Alloya Offers Federal Employee Assistance to Credit Unions

NAPERVILLE, Ill. – Alloya Corporate Federal Credit Union is offering below market liquidity options to its credit union members serving federal workers and their families impacted by the multi-week, partial shutdown of the United States government. The shutdown has placed a significant strain on the economy and the approximate 800,000 federal workers who have not received a paycheck since the shutdown began on December 22, 2018.

Alloya’s special, below market loan is being made available only to credit unions that are actively running a federal employee assistance program during the shutdown. Programs include but are not limited to no interest loans; payment delays on loans; interest-only payments on existing loans; waived penalties on Certificate of Deposit access.

“We have all been hearing the reports that some impacted workers are taking on part-time jobs, soliciting for help through crowdsourcing Web sites, or receiving charitable contributions from their communities,” said Tim Bruculere, Alloya’s Senior Vice President of Membership.

“Many of the impacted individuals and their families are credit union members – and credit unions are rising to the challenge and assisting these members. It gives me tremendous pride during challenging times like these to see our cooperative community come together and do what’s right for those we serve. The mission of ‘people helping people’ is alive and well,” said Bruculere.

Interested credit unions can email Becky Keenan, Coordinating Lending Consultant, at becky.keenan@alloyacorp.org.