PETERSBURG, Va. –The Petersburg City Council has approved a partnership between Petersburg Area Transit, PAT and Peoples Advantage Federal Credit Union that is aimed at promoting transportation and financial literacy throughout the city.
Through this partnership, PAFCU will provide a $5,000 bus donation, financial education, free credit score analysis, low-interest vehicle financing, PAT ticket sales at PAFCU locations and partnership promotion on PAFCU’s website, according to ProgressIndex.com.
The PAFCU contribution will eliminate the city’s financial obligation toward the new vehicle, the publication added, noting Petersburg Area Transit has one of the oldest fleets in Virginia and replacement of the older vehicles will “lower repair costs and provide safer and more comfortable rides for our patrons,” Charles L. Koonce Jr., Petersburg Area Transit director, told ProgressIndex.com.
Peoples Advantage said it believes transportation lays the groundwork for access to necessities such as affordable healthcare, healthy food options, stable employment, income and other services in the community. PAFCU also offers free credit score analysis and financial coaching to all its current and prospective members.
An ‘Added Benefit’
“The partnership will bring this service to the employees and riders of PAT as an added benefit,” ProgressIndex.com reported. “Companies and communities providing financial education show positive results that include strength in community loyalty, enhanced employee satisfaction, and increased morale.”
Peoples Advantage Federal Credit Union was recently certified by the U.S. Treasury Department as a Community Development Financial Institution, CDFI.
“The CDFI certification opens so many new doors for PAFCU allowing PAFCU access to additional resources to help communities like Petersburg for residents to experience financial freedom,” Patsy Smith, president/CEO of PAFCU, told ProgressIndex.com.