Canopy Credit Union provides emergency rental assistance for members with a 0% Help with Rent loan
SPOKANE, WA (June 10, 2020) — Canopy Credit Union deployed a new Help with Rent Loan to help members whose income has been affected by the COVID-19 crisis.
“Now more than ever, safe affordable housing is a critical need in our community. We launched a personal loan special at the beginning of COVID-19 and witnessed the overwhelming need for assistance. Because there is continued need for financial assistance due to long term furloughs and layoffs, we decided to create this emergency Help with Rent Loan,” said Charlotte Nemec, Canopy President/CEO.
Canopy Credit Union recently received a $17,000 Workforce Housing Research Grant from the Northwest Credit Union Foundation. They used this grant to conduct focus groups with Strategic Research Associates to learn more about current renters’ needs and the needs of affordable housing agencies.
“With our remaining grant money, we wanted to do something that directly impacts the renting community, especially given the economic impact of this pandemic. The management team got together and quickly decided to create a 0% emergency loan for our members,” Nemec said.
Canopy Credit Union’s Help with Rent Loan is offering members up to $1,000 at 0% APR and up to 100 days before their first loan payment is due.
“Members in good standing for 30+ days are eligible for this loan for up to a 12-month term,” said Guy Ottersen, VP of Lending and Member Experience. “We have allocated $150,000 to lend out for this temporary Help with Rent Loan. We hope members can use this assistance to alleviate financial stress caused by COVID-19.”
The core of the credit union’s mission is to support their members and be available to them in times of need.
About Canopy Credit Union
Established in 1956, Canopy Credit Union is a not for-profit financial institution that currently has over 11,400 members and over $160 million in assets. Over the years, their goal has remained the same: offer the community a place where everyone can grow strong financial roots. Those who live, work, worship, or attend school in Spokane County, Pend Oreille County, or Stevens County, Washington, are eligible for Canopy Credit Union membership. Learn more at www.canopycu.com.