Insurer USAA Offers $15M for Coast Guard Interest-Free Loans
SAN ANTONIO (AP) — A military personnel insurer and financial services company has donated $15 million for interest-free loans to Coast Guard members during the partial U.S. government shutdown.
San Antonio-based USAA on Wednesday announced the funds will be disbursed by Coast Guard Mutual Assistance. The American Red Cross Hero Care Center will assist.
Coast Guard personnel with dependents are eligible for interest-free loans up to $1,000. Service members without dependents are eligible for up to $750.
Officials say the loans are meant to cover an estimated two weeks of shortfalls due to Coast Guard personnel not being paid during the government shutdown, which began Dec. 22.
USAA, according to its website, offers insurance and other financial products to more than 12.8 million current and ex-members of the U.S. military and their families.