Nutmeg State Financial Credit Union has officially announced Working Wheels, an auto loan program designed specifically for low-income families. The program comes as a welcome addition to Nutmeg’s efforts as a Community Development Financial Institution (CDFI), a federal designation granted in 2016 that allows the credit union to reach underserved markets with products and services.
As Nutmeg’s newest CDFI initiative, Working Wheels will empower hardworking, credit-challenged families and offer them a chance to gain an economic foothold. The program aims to help local families improve their financial standing by providing reliable vehicles, which are often necessary to maintaining a job.
“We are always looking for more ways to help the members of our community,” said John Holt, President and CEO of Nutmeg. “We were inspired to create Working Wheels after seeing how challenging it can be for some families to have a reliable way to get to and from work.”
To address this challenge, Working Wheels allows qualified families to borrow up to $10,000 for vehicle purchases without having to resort to predatory lending options. Applicants must have a minimum of 6 months employment and work at least 30 hours per week to qualify. The program also includes a required financial education component to stress the importance of proper financial management and maintenance. Interested candidates can find out more at www.nutmegstatefcu.org or by calling 860.513.5000.
“The goal of Working Wheels is to help families gain financial independence and learn all about managing their money,” said Holt. “The program is another step in the right direction for us and I’m confident it will make a positive impact on the lives of so many families across the state.”
Chartered in 1936 and headquartered in Rocky Hill, Nutmeg State Financial Credit Union is open to anyone who lives, works, worships, attends school or volunteers in the Hartford, New Haven, Middlesex or Tolland Counties as well as the cities of Shelton, Stratford and Bridgeport, Connecticut. They offer members a friendly banking environment and take pride in educating consumers about the advantages of joining a credit union. Visit them at www.nutmegstatefcu.org for more information.