In an effort to help low-income families secure auto loans, Nutmeg State Financial Credit Union announced its Working Wheels auto loan program.
The auto loan program is part of Nutmeg’s designation as a Community Development Financial Institution (CDFI). The federal designation, granted to Nutmeg in 2016, allows the credit union to reach underserved markets with products and services.
“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.”
Working Wheels allows qualified families to borrow up to $10,000 to purchase a vehicle. And it helps them avoid having to turn to predatory lending options.
In order to apply for the loan, applicants must have proof of a minimum of six months of employment and work at least 30 hours per week.
Applicants must also go through a required financial education component which stresses the importance of proper financial management and maintenance.
The credit union’s service area includes three counties which are 27 to 43 percent Latino. This includes an estimated 11,000 who arrived in the wake of Hurricane Maria in September 2017.
“The goal of Working Wheels is to help families gain financial independence and learn all about managing their money,” Holt said. “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.”
For more information on the program go to www.nutmegstatefcu.org or call 860-513-5000.