Merrimack Valley Credit Union establishes flood disaster lending program
MVCU is dedicating up to $1,000,000 in Flood Disaster Relief Loans to assist residents in the Massachusetts towns of Andover, North Andover, Haverhill, Lawrence, Methuen and Wilmington to fix damage due to recent flooding.
LAWRENCE, MASS (September 7, 2023) — In response to the severe weather that impacted several communities in the region, Merrimack Valley Credit Union (MVCU) is offering a limited-time personal loan program that will help homeowners make needed repairs for damage caused by the August floods.
MVCU’s Flood Disaster Relief Loan offers homeowners in owner-occupied primary residences up to $20,000 at a fixed 3.59% annual percentage rate (APR), with a maximum repayment term of 66 months. The new loan program is available from now until Oct. 31, 2023 and is subject to credit approval.
The loan is available to residents of Andover, North Andover, Haverhill, Lawrence, Methuen and Wilmington, Mass. Applicants must provide a credit application, income documentation, a contractor-prepared work order and estimated cost of repairs, and proof that the loan proceeds will be paid directly to the contractor.
“I’m so grateful for MVCU’s leadership in our community’s recovery effort. This initiative will make a meaningful difference for those who were hardest hit by this summer’s devasting weather events,” said Mass. State Senator Barry Finegold.
To learn more about MVCU’s Flood Disaster Relief Loan or to apply, visit MVCU.com/flood or visit one of our area branches to speak to an MVCU team member in-person.
APR = Annual Percentage Rate. Limited time offer subject to change without notice. Available for applicants located in specific flood disaster areas and subject to individual credit worthiness. The monthly payment per thousand for 66 months at 3.59% APR is $334.87. Applications must be received by October 31, 2023.
About Merrimack Valley Credit Union
Founded in 1955, Merrimack Valley Credit Union (MVCU) is a state-chartered community and employer-based credit union with more than $2.3 billion in assets. The corporate office is located in Lawrence, Massachusetts. MVCU currently serves more than 115,000 members, primarily in Massachusetts, New Hampshire and Rhode Island. MVCU also serves more than 1,100 employer groups, including two major Massachusetts employers, Raytheon Technologies and Brigham and Women’s Hospital, and operates 19 retail branches located in Amesbury, Bridgewater, Brookline, Danvers, Dorchester, Fairhaven, Haverhill, Hanover, Lawrence, Marlborough, Methuen, North Andover, Plymouth, Quincy, Tewksbury, Waltham and Worcester, Mass., plus Plaistow and Seabrook, N.H. MVCU offers a wide range of savings and loan products, commercial services and digital banking to meet the financial needs of a growing member base.
