Elevations Credit Union offers loans to business and home owners to help reduce carbon footprint.
Elevations Credit Union is offering business and consumer energy loans to its members in the Boulder and Denver, Colo., areas.
When Boulder and Denver Counties won grant funds from the Department of Energy’s Better Building Fund (part of the American Recovery and Reinvestment Act of 2009), the counties needed a financial institution to partner with.
In late 2011, $1.2 billion/100,000-member Elevations CU responded to and won a request for proposal to be that partner. Starting in early 2012, the CU worked with Denver and Boulder counties for four months to implement the program. Thanks to the grant there is a $7 million loan loss reserve fund that covers up to 20 percent of loans outstanding, enabling up to $35 million in new loan volume.
With demand high (based on research the counties did), the CU believed it would be a valuable product to offer members.
“We felt like it was very aligned for our value proposition and for our reason for existence,” says CUES member Jay Champion, chief lending and member services officer. “It aligns with the mindset” of members. “There is a large population interested in reducing carbon footprint,” he adds.
The products were officially launched in August 2012. The business side features loans for:continue reading »