Credit unions still open, ready to help members

Published: Mar. 28, 2020 at 8:59 AM EDT
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Credit unions like the Vermont State Employees Credit Union are considered essential services, and are still in operation.

Like others in the area, it's providing financial services to members during an unprecedented time of strain on the economy.

How do we provide help to allow them to get through this process and be successful on the otherside," says Robert Miller of VSECU.

VSECU is offering a "Member Emergency Loan" which will loan up to $2,000 to a member or business, even offering zero percent interest in some cases.

"There are a lot of immediate concerns that just go to the forefront and we just try to be able to calm people down and show them that we can help them," says Greg Huysman of VSECU.

Qualifications for the loan AT VSECU are:

-Loss of income - due to quarantining, medical monitoring, a reduction in hours

-Loss of pay from leaving a job to care for a sick family member

There are over 100 applicants for this loan, which the credit union says is readily available.

The Commodores Inn located in Stowe has a mortgage through VSECU. They had to close operations because of the virus.

With bills piling up and no revenue to pay them, the inn reached out to VSECU. They say the credit union has already outlined a plan to assist the inn with payments.

"They kind of came forward and actually suggested that we do this -- with the forbearance and give interest only on the mortgage which was you know, very encouraging, says Bruce Nourjian of the Commodores Inn.

Credit unions around the state are coordinating and working together to help local businesses.

North Country Federal Credit Union offers a 'COVID-19 Financial Relief Program' where members can receive up to $5,000 at no interest.

At New England Federal, members can receive $3,000, but interest rates can fluctuate.

"Relax, take a deep breath, as scary as it is, we will come out the other side," says Greg Huysman of VSECU.