MONTPELIER, Vt. – In a coordinated effort, New England Federal Credit Union and VSECU, which are in the process of merging, said they committed a quarter-million dollars in donations to provide assistance following catastrophic flooding that has “devastated downtowns and upended the lives of thousands of Vermont residents.”
As CUToday.info reported earlier, the two credit unions have also announced flood relief loans.
The grants are targeting direct support for vulnerable families and individuals, and downtown and village centers that have been impacted by the flooding, according to the two credit unions.
“As a combined credit union, we stand strong with our members and fellow Vermont residents as we all clean up and rebuild stronger than before,” John Dwyer, CEO of New England FCU, said in a statement. “Once again, we will prove that we are stronger together.”
The Recipients
The following grants have been awarded:
- $30,000 to the Vermont Community Foundation’s VT Flood Response and Recovery Fund 2023
- $30,000 to the Vermont Main Street Recovery Fund
- $30,000 to Capstone Community Action
- $30,000 to Champlain Valley Office of Economic Opportunity
- $30,000 to Northeast Kingdom Community Action
- $20,000 to the Montpelier Strong Recovery Fund
Many are Displaced
“Across our state, but especially in Central Vermont, flooding has displaced the most vulnerable Vermonters and increased gaps in basic needs like food, water, and shelter,” said Simeon Chapin, head of social impact at New England Federal Credit Union and VSECU. “Downtowns and the local businesses that make them vibrant are in need of immediate support as federal and state programs are ramping up.”
NCUA Monitoring Situation
Separately, NCUA said it is working with federally insured credit unions affected by the recent severe storms and flooding in Vermont to help protect consumers and ensure continuity of services.
The NCUA is closely monitoring the situation to determine the operating status of credit unions in the flooded areas. Credit union members in these areas should contact their credit unions or check their websites for the latest information.
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