Funding job training with a twist
A small Ohio credit union includes income replacement in a loan package aimed at spurring personal and community economic development.
As the only Community Development Financial Institution (CDFI) on the 120-mile stretch of Lake Erie shoreline from Toledo to Cleveland, Commodore Perry Federal Credit Union($45.3M, Oak Harbor, OH) feels a particular tug toward addressing the economic barriers faced by its rural and small-town membership.
That’s one inspiration behind the unique offering the cooperative just rolled out: a mix-and-match package of four loans aimed at enabling Ottawa County residents to pay for the training and certifications they need to get good-paying jobs.
The package comprises a debt consolidation loan, an auto refinancing loan, a technical skills education loan, and perhaps the most unique offering, a wage replacement loan. That loan will be disbursed as a paycheck and the payments deferred while the borrower is enrolled in a training program.
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