WATERLOO, Iowa–Veridian Credit Union is reporting it has reserved $3 million in funding for Disaster Assistance Loans to assist those affected by the severe storms and tornadoes that hit Iowa and Nebraska.
The National Weather Service said there were six confirmed tornadoes, with five significant EF-3 paths identified.
“The loans are designed to offer a low-interest way to help manage expenses resulting from recent weather-related damages,” the credit union said.
Loans of up to $5,000 are available with up to 36-month terms and a fixed rate between 7% and 7.5% APR, based on eligibility, according to Veridian.
‘Unique Ability to Help’
"Credit unions are people helping people," Veridian President and CEO Renee Christoffer said in a statement. "When our communities face unexpected hardship, our cooperative structure gives us a unique ability to help."
Veridian said members can apply for a Disaster Assistance Loan through August 31 or until the $3 million is loaned out, whichever occurs first.
In addition, Veridian said its relief efforts also include a $15,000 donation to the United Way of the Midlands Disaster Recovery Fund and a $5,000 donation to the Community Foundation of Greater Des Moines Disaster Recovery Fund.