Pentagon Federal Credit Union Foundation (PenFed Foundation)
Military Heroes Fund Emergency Financial Assistance Program
Prior to the COVID-19 pandemic, nearly half of veterans surveyed by the Military Family Advisory Network indicating they had less than $500 in emergency savings, or no emergency savings at all. In January 2021, post-9/11 veteran unemployment was 6.3 percent, more than double what it was in December 2019. These pre-existing financial concerns, combined with the ongoing economic impact of COVID-19, leave low- and moderate-income veterans and military families particularly vulnerable to financial instability and crisis. Financial instability contributes to hunger and food insecurity, as many families choose between paying their rent and utilities or buying food. Pentagon Federal Credit Union Foundation (PenFed) empowers veterans, service members, and their communities with the skills and resources to realize financial stability and opportunity. PenFed’s Military Heroes Fund Emergency Financial Assistance Program helps to prevent short-term emergencies from becoming long-term hardships by filling the income gap that many veterans face when waiting for disability or unemployment benefits, or when an unexpected medical bill or car repair impacts their budget. This BWF grant will provide emergency financial assistance to ensure that 20 post-9/11 veterans sustain housing and meet their basic needs.