LIHU‘E, Hawaii — Gather Federal Credit Union has launched an emergency relief program offering loans, payment deferrals and penalty-free certificate withdrawals to members affected by Hurricane Lowell.
The credit union said its Emergency Member Relief Program is intended to help members facing unexpected expenses, property damage and other financial challenges as Kaua‘i recovers from the storm.
“Our hearts go out to everyone who has been impacted by Hurricane Lowell,” said Tess Shimabukuro, president and CEO of Gather Federal Credit Union. “As a credit union that has been part of the Kaua‘i community for more than 70 years, we understand the importance of coming together and supporting one another during difficult times.”
Shimabukuro said the credit union wants members to know financial assistance is available as they begin recovering from the hurricane.
Emergency Loans Up to $5,000
Under the program, qualifying members can obtain emergency assistance loans of up to $5,000, according to Gather FCU.
No payments are required during the first three months, and the loans have no prepayment penalty.
The credit union is also allowing eligible members to defer payments on certain consumer loans for one to three months.
Interest will continue to accrue during the deferral period, and the loan term will be extended. Gather FCU said the extension will result in a balloon payment at the end of the loan.
Deferral options may differ for mortgages, home equity lines of credit and revolving credit accounts. Members should contact the credit union for details on eligibility and terms.
Early Withdrawal Penalties Waived
Gather FCU is also waiving early withdrawal penalties on existing share certificates for members who need access to savings to cover eligible emergency expenses.
The credit union encouraged members affected by Hurricane Lowell to contact Gather FCU to determine which assistance programs are available to them and whether they qualify.
Most Branches Operating Normally
Gather FCU said its offices in Kapa‘a, Kukui Grove West, ‘Ele‘ele, Waimea and Koloa, along with its Walmart in-store branch, are open and operating during normal business hours.
The credit union’s Kilauea office remains closed because of a power outage.
