'Good Samaritan Loan' Helps Non-Profits, Boosts Portfolio
River Valley Credit Union has created a Good Samaritan Loan program to support local non-profits and, at the same time, boost its vehicle loan portfolio.
The $117-million, community-chartered CU will give back 1% of any car loan amount-$200 on a $20,000 loan-to the non-profit organization of the member's choice, said Eric Gagliano, VP of Marketing.
"Like many credit unions across the country, we try to help the folks out in the community," he said. "And, like everybody else, we need car loans."
Gagliano said the CU is asking the non-profits, including churches and schools, to help promote the program by distributing brochures and publishing articles in their newsletters.
"We created a tri-fold brochure to be end-to-end self serving," Gagliano said.
It explains the program and includes a business card-size certificate in one corner for the member to identify his or her charity.
Bob DeLong, RVCU's VP of Lending, who came up with the idea, said he's very excited about the program."The goal is for the credit union to increase car loans while giving back to our community."
While the program got a slow start as the CU underwent a system conversion during its winter launch, Gagliano said he's confident it'll gain some momentum this spring as more people typically look to purchase vehicles.