Montpelier, VT – In response to the historic flooding that has torn through our region, NEFCU and VSECU have partnered with the Vermont Community Foundation to provide interest-free emergency flood disaster recovery loans to Vermont residents.
The Member Emergency Loan provides up to $3,000, regardless of credit score, for Vermonters impacted by the flood. The loan is designed to get funds quickly into the hands of people who can document damages from the July flooding at their place of residence.
“Everyone in Vermont is working together to meet the challenges caused by extreme flooding,” said Rob Miller, chief operating officer at NEFCU. “We know that our neighbors are managing difficult financial impacts to their lives and this loan is a resource to help cover immediate needs.”
“As Vermonters clean mud-caked basements and tear out damaged sheetrock, this program gives them a way to immediately seek a loan without having to pay interest,” said Dan Smith, president & CEO of the Vermont Community Foundation. “We were able to activate an existing partnership with NEFCU and VSECU to quickly help move this effort forward so Vermonters can get the resources they need.”
The partnership unlocked as much as $1.5 million in interest-free lending to help individuals and families with emergency repairs and recovery. “Interest in these loans has been very strong since we launched last week,” said Simeon Chapin, head of social impact at NEFCU and VSECU. “As of today, we have received applications for nearly half of the available funds.”
The Member Emergency Loan is part of a coordinated response by NEFCU and VSECU that includes personal and business flood relief lending and loan modifications for existing loans.
For more information on flood disaster recovery loans, visit https://www.vsecu.com/floodrelief/.
For information about the Vermont Community Foundation’s VT Flood Response & Recovery Fund 2023, visit vermontcf.org/vtfloodresponse.
New England Federal Credit Union (NEFCU), headquartered in Williston, Vermont, is a member-owned financial institution serving Vermont and select counties in New Hampshire. For more information about membership requirements and benefits, visit nefcu.com.
VSECU, a division of New England Federal Credit Union, is a member-owned cooperative and not for profit credit union for everybody who lives or works in Vermont, offering a full range of affordable financial products and services to its member-owners. VSECU is committed to improving the lives of Vermonters by empowering possibilities for greater social, environmental, and financial prosperity. For more information about VSECU, call 802/800 371-5162 or visit www.vsecu.com.
About the Vermont Community Foundation
The Vermont Community Foundation was established in 1986 as an enduring source of philanthropic support for Vermont communities. A family of more than 900 funds, foundations, and supporting organizations, the Foundation makes it easy for the people who care about Vermont to find and fund the causes they love. The Community Foundation and its partners put more than $60 million annually to work in Vermont communities and beyond. The heart of its work is closing the opportunity gap—the divide that leaves too many Vermonters struggling to get ahead, no matter how hard they work. The Community Foundation envisions Vermont at its best—where everyone can build a bright, secure future. Visit vermontcf.org or call 802-388-3355 for more information.