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Belvoir Federal Stands Ready To Serve as Sequestration Looms

Feb 8, 2013 by Lewis Wood

Belvoir Federal Credit Union prepares for the possibility of a 2013 sequestration by informing employees of our response, developing emergency loan products, and forming services to support members.

CONTACT:
Amy McConnell, MBA
Digital Marketing & Public Relations Manager
Office: 703.730.1800 ext.5425
amcconnell@belvoirfcu.org

Woodbridge, VA, February 8, 2013- Belvoir Federal Credit Union prepares for the possibility of a 2013 sequestration by informing employees of our response, developing emergency loan products, and forming services to support members.

The sequestration, also known as package of cuts, refers to the $1.2 trillion in automatic spending reductions that are set to take effect March 1, 2013 and be phased in over the next decade. Currently, Congress is being urged to reconsider the massive spending cutbacks. With both sides convinced the opposing solution to sequestration would result in further economic anguish, a resolution appears further away.

“We truly hope a sequestration is averted and Congress comes to an agreement. However, if a concession is not attained, Belvoir Federal stands ready to serve our members by providing financial options and supportive services during this strenuous time,” stated Patricia Kimmel, Belvoir Federal Credit Union’s President/CEO.

In the event a sequestration occurs, Belvoir Federal stands ready to serve our members with an emergency loan option which allows members to borrow funds at a 0% APR for the initial 60 days.

Additionally, Belvoir Federal will facilitate loan workouts and skip-a-pay options so members do not default on their loans. Lastly, Belvoir Federal will provide Financial Coaching to members in need of guidance during this economic circumstance.

For additional information, regarding the above emergency assistance options, contact Belvoir Federal at 703.730.1800 or visit www.belvoircreditunion.org/furlough.

About Belvoir Federal Credit Union
Belvoir Federal is a member-owned, full-service financial institution that provides the foundation for the financial success of our Members. Belvoir Federal, a not-for-profit organization, has served the Fort Belvoir and U.S. Armed Forces community since 1946. For more information about Belvoir Federal, please visit www.BelvoirCreditUnion.org.

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