PEOPLE HELPING PEOPLE
$1 A Month
Partnering With the Community Impact Fund
Community Impact
Credit Unions have a distinguished history of serving our communities by offering lower fees, lower interest rates, and community involvement. CHROME recognizes the challenges our members and communities continue to face dealing with the impact of the Pandemic. We have all seen how many local families are living paycheck to paycheck.
One unplanned event can greatly impact a family and their finances. That is why CHROME is partnering with the Community Impact Fund, a non-profit 501c3 organization, to answer the needs of our community.
Community Impact
Credit Unions have a distinguished history of serving our communities by offering lower fees, lower interest rates, and community involvement. CHROME recognizes the challenges our members and communities continue to face dealing with the impact of the Pandemic. We have all seen how many local families are living paycheck to paycheck.
One unplanned event can greatly impact a family and their finances. That is why CHROME is partnering with the Community Impact Fund, a non-profit 501c3 organization, to answer the needs of our community.
Emergency Loans
The Community Impact Fund will provide emergency loans to local families in our community.
These loans will have a 0% interest rate, flexible repayment options, and a portion of each payment will be deposited into a savings account to help the family build a stable financial future. These savings will help start a safety fund for future unexpected expenses.
The goal is to help hard working people in our community gain access to loans in an emergency situation and to provide resources for financial education.
Just One Dollar
To drive this program, a $1 service charge will be assessed to each checking account on the last day of the month.
This service charge will never cause an overdraft in your account and 100% of these funds will be deposited directly to the Community Impact Fund for families facing an unexpected hardship.
People Helping People
CHROME’s Board of Directors and our employees are committed to participating with the Community Impact Fund to support local families and live the credit union philosophy of “People Helping People”.
We are excited about the life-changing impact this will have on our community.
For more information on how to apply, start here.
If you’d like to donate more than $1/month, start here.
FAQs
What is the maximum loan amount?
Loans are based on the needs cited in the application. The maximum loan amount is $3,000.
Who is eligible to receive a loan payment?
Financial support will be provided to employees, members, and community members (people that live, work or worship in the zip codes that CHROME serves) who are facing an unforeseen financial hardship and are unable to meet a basic need with their own resources (according to IRS guidelines). Financial hardship may include, but is not limited to, unforeseen expenses caused by health/medical expenses, family emergencies, acts of nature, major disaster, as declared by a state or federal official.
What qualifies as an eligible expense?
In the event of an unforeseen financial hardship, an eligible expense is a basic necessity that the individual cannot cover without having to sacrifice some other basic necessity. Categories of eligible expenses include: Medical Expenses, Housing Expenses, Auto Expenses, Other (ex: funeral expenses). Examples of expenses that are not covered include, but are not limited to: pet expenses, optional home repairs, traffic fines.
What is the emergency savings incentive?
Who do I contact if I have any questions about this program?
Please reach out to CIF at loans@communityimpactfund.or