NEFCU and VSECU Partner with the Vermont Community Foundation on Flood Disaster Recovery Loan

Montpelier, VT – In response to the historic flooding that has torn through our region, NEFCU and VSECU have partnered with the Vermont Community Foundation to provide interest-free emergency flood disaster recovery loans to Vermont residents.

The Member Emergency Loan provides up to $3,000, regardless of credit score, for Vermonters impacted by the flood. The loan is designed to get funds quickly into the hands of people who can document damages from the July flooding at their place of residence.

“Everyone in Vermont is working together to meet the challenges caused by extreme flooding,” said Rob Miller, chief operating officer at NEFCU. “We know that our neighbors are managing difficult financial impacts to their lives and this loan is a resource to help cover immediate needs.”

“As Vermonters clean mud-caked basements and tear out damaged sheetrock, this program gives them a way to immediately seek a loan without having to pay interest,” said Dan Smith, president & CEO of the Vermont Community Foundation. “We were able to activate an existing partnership with NEFCU and VSECU to quickly help move this effort forward so Vermonters can get the resources they need.”

The partnership unlocked as much as $1.5 million in interest-free lending to help individuals and families with emergency repairs and recovery. “Interest in these loans has been very strong since we launched last week,” said Simeon Chapin, head of social impact at NEFCU and VSECU. “As of today, we have received applications for nearly half of the available funds.”

The Member Emergency Loan is part of a coordinated response by NEFCU and VSECU that includes personal and business flood relief lending and loan modifications for existing loans.

For information about the Vermont Community Foundation’s VT Flood Response & Recovery Fund 2023, visit vermontcf.org/vtfloodresponse.