Approximately $500,000 of Grants Will Be Distributed to Aid with Rent, Mortgage, Auto Loans and Utilities Bills
TYSONS, Va., Aug. 10, 2020 /PRNewswire/ -- The PenFed Foundation, a national 501(c)3 founded by PenFed Credit Union, today announced a partnership with Army Emergency Relief (AER) to assist approximately 480 US Army Active, Reserve, and National Guard Soldiers through the Foundation's COVID-19 Emergency Financial Relief Program. The partnership will result in the distribution of approximately $500,000 in grants to those with an increased financial burden as a direct result of the COVID-19 pandemic to assist with rent, mortgage, auto loans and utilities payments.
"We are extremely grateful for the partnership of Army Emergency Relief as we continue to support the military community through these difficult times," said PenFed President and retired U.S. Army Gen. John "Mick" Nicholson Jr. "The PenFed Foundation is proud to be the first national Veterans Service Organization to launch a COVID-19 relief program for emergency financial assistance. The need for such a program was apparent as we received over 6,000 applications in the first four days. Support from organizations like Army Emergency Relief is crucial to allow us to continue meeting the needs of those who have already reached out to us and qualified for assistance."
Founded in 1942, Army Emergency Relief (AER) supports Soldier readiness by providing zero-interest loans, grants, and scholarships to Soldiers and families. AER has provided nearly 4 million Soldiers with $2 billion in assistance, including $1 billion since Sept. 11, 2001.
"This partnership with the PenFed Foundation is the first of its kind. AER is positioned and resourced to help disburse the grants that Soldiers and their families need during these tumultuous times, just as we've done for the last 78 years," said Army Emergency Relief Director and retired U.S. Army Lt. Gen. Ray Mason.
The PenFed Foundation was created in 2001 and, since then, has provided more than $38.5 million in financial support to veterans, active-duty service members, families and caregivers. Those interested in supporting the PenFed Foundation's mission to help the military community and their support network are encouraged to visit penfedfoundation.org.
About PenFed Foundation
Founded in 2001, the PenFed Foundation is a national nonprofit organization committed to empowering military service members, veterans and their communities with the skills and resources to realize financial stability and opportunity. It provides service members, veterans, their families and support networks with the skills and resources they need to improve their lives through programs on financial education, homeownership, veteran entrepreneurship and short-term assistance. Affiliated with PenFed Credit Union, the Foundation has the resources to effectively reach military communities across the nation, build strong partnerships, and engage a dedicated corps of volunteers in its mission. The credit union funds the Foundation's personnel and most operational costs, demonstrating its strong commitment to the programs the Foundation provides. To learn more, visit www.penfedfoundation.org.
About Army Emergency Relief
Army Emergency Relief is a part of the Army. AER serves as the Army's financial assistance organization and exists solely to help the Army take care of its own, by providing grants and/or zero interest loans to eligible Soldiers and Families: Active Duty, Retired Soldiers, and dependent surviving spouses and children. In 2019, AER provided 40,000 Soldiers and their families $70 million in assistance. AER has over 30 categories of assistance, ranging from basic living expenses, personal transportation, dependent educational scholarships, to disaster relief. For more information, visit www.armyemergencyrelief.org. AER does not endorse PenFed Credit Union, or its products or services.
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SOURCE PenFed Foundation