The credit union sector is stepping in to provide support to members affected by Hurricane Dorian.
To help member credit unions recover from the disaster, the Worldwide Foundation for Credit Unions is sending US$10,000 (£8,149) in Project Storm Break funds to support the Caribbean Confederation of Credit Unions (CCCU). The foundation, a charitable fundraising arm of World Council of Credit Unions, launched Project Storm Break at the 2019 World Credit Union Conference in the Bahamas, to allow an immediate response when natural disasters like Dorian strike.
The funding will be used to help credit unions get back up and running to provide cash and other financial services to their members.
According to CCCU, one credit union has suffered flooding up to the second floor of its building. The federation continues to assess Dorian’s impact on credit unions on Grand Bahama and Abaco, the two Bahamian islands that suffered the most severe wind and flood damage.
“We want to help these community-based institutions get back in business and servicing members as soon as possible – even if it is in a parking lot tent or other temporary location for now,” said Mike Reuter, executive director of the Worldwide Foundation.
“Getting these credit unions back on their feet is the best step we can take to getting their members back on a path to a sustainable future.”