Credit unions affected by natural disasters could receive support through a new reserve fund set up by the Worldwide Foundation for Credit Unions.
The foundation, which is the international and charitable arm of the World Council of Credit Unions (WOCCU), is looking to raise USD $100,000 for Project Storm Break. The funding will be used to help impacted credit unions in the immediate aftermath of a natural disaster.
“This is the first time we are proactively asking for donations from individuals and institutions who see value in getting ahead of the storm, because it’s not a matter of if, but when, the next disaster will strike,” said Mike Reuter, executive director of the Worldwide Foundation.
He added: “Past relief campaigns have put out the call worldwide after a disaster, but invariably, people on the ground are suffering within minutes or hours of a storm, earthquake or fire. Having the resources on hand to send immediately, or even in advance to credit union systems so they can be more proactive, is central to Project Storm Break’s purpose.”
Project Storm Break will be officially launched at the 2019 World Credit Union Conference (WCUC 2019) in The Bahamas, 28-31 July, in partnership with the Caribbean Confederation of Credit Unions.
A number of credit unions and individuals have already made contributions to the fund, including Indiana Credit Union League, Carolinas Credit Union Foundation, Unitus Community Credit Union, Steve & Michelle Stapp, Jamaica Teachers Association Co-operative CU Limited and Richard Miller.
Since 2015, WOCCU relief efforts have raised more than US $350,000 to assist credit unions responding to disasters in Nepal, Ecuador, Dominica and Puerto Rico.