First Command Financial Services Inc. provided more than $10 million in financial support to military families and federal workers during the federal government’s recent 43-day shutdown.
The Fort Worth-based company said it provided over $5 million to more than 900 clients participating in the relief program, which included zero-interest payroll advances to help families pay for essential expenses. The shutdown started on Oct. 1 and ended Nov. 12.
Another $5 million in an interest-free line of credit was provided to Coast Guard Mutual Assistance, a nonprofit arm of the U.S. Coast Guard that provides financial assistance to veterans and their families.
“Throughout the shutdown, First Command remained committed to helping military families navigate a period of extreme uncertainty,” Mark Steffe, the company’s president and CEO, said in a statement. “Our mission is to coach those who serve in their pursuit of financial security, and we acted quickly to provide meaningful support at scale as the situation unfolded.”
The payroll advances were provided to First Command clients whose pay is directly deposited with the company’s bank.
First Command, founded in 1958 by retired Lt. Col. Carroll Payne, is a veteran-focused company that has more than 300,000 clients, 69% of whom are veterans or active duty military members.
Steffe previously said in a statement that the company offered similar payroll services to clients during government shutdowns in October 2013 and from December 2018 to January 2019.
Retired U.S. Coast Guard Cmdr. Brooke Millard, CEO of Coast Guard Mutual Assistance, said the organization was appreciative of First Command.
She said the nonprofit is “grateful for this partnership with First Command as this opportunity allows CGMA to continue to provide payroll loans at scale for the Coast Guard workforce while directing donations received as grants to members in need.”
First Command advisors are engaged with clients to help them transition out of the temporary relief program and reestablish long-term financial plans, Steffe said.
“Although the shutdown has ended, our support continues,” Steffe said. “We encourage anyone who participated in these programs and needs assistance as they wind down to contact their First Command financial advisor or visit our online FAQ. We remain committed to serving military families with the same care and dedication in the days ahead.”
Eric E. Garcia is a senior business reporter at the Fort Worth Report. Contact him at eric.garcia@fortworthreport.org.
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