LAWRENCE, Mass.–Merrimack Valley Credit Union said it has committed up to $1 million in Flood Disaster Relief Loans to assist residents following recent flooding.
The $2.3-billion MVCU, which is in the process of merging with Bridgewater Credit Union, said the loan offers homeowners in owner-occupied primary residences up to $20,000 at a fixed 3.59% APR, with a maximum repayment term of 66 months. The new loan program is available through Oct. 31.
The loan is available to residents of Andover, North Andover, Haverhill, Lawrence, Methuen and Wilmington, Massachusetts. 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.
Statement from Senator
“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 in a statement.