Ladysmith and District Credit Union (LDCU) is offering existing members one-time Emergency Relief Term Loans of up to $5,000 interest free to help them through the financial crisis caused by COIVD-19.
LDCU is also offering up to six-month payment deferrals for loans and mortgages for qualifying members on a case by case basis. Interest that accrues over the six-month period will not be added back to the mortgage principal.
“We felt very strongly that our community and our members have been hit hard by the COVID-19 virus. There are a lot of people facing financial hardship,” LDCU CEO John de Leeuw said.
Although the federal and provincial governments are rolling out support programs, the LDCU decided to roll out their programs to support their members more rapidly than the government.
“If people apply for EI, they’re waiting and hoping for that money to come in. But it’s not putting food on your table, it’s not buying your prescriptions. Let alone rent,” de Leeuw said.
LDCU has allocated $1,000,000 for the Emergency Relief Term Loans. The loans can be used however members need to use them. Loans are being given only to individuals who are already credit union members. LDCU will continue to monitor the evolving economic situation, and consider other measures as necessary.
The credit union remains open. ATMs, teller stations, desks, online banking stations, and all touch surfaces are being disinfected regularly. Staff have been practicing physical distancing from each other, and from members.