The Start Me Up Loan program offers financial assistance for expenses related to living independently as well as assistance in building a strong credit score...
Richmond, VA (PRWEB) May 19, 2016
New Generations Federal Credit Union (http://www.newgenfcu.org), a non-profit, member-owned, financial cooperative based in Richmond, Virginia, has launched a new program to support recent higher education graduates who are starting life on their own. The Start Me Up Loan program offers financial assistance for expenses related to living independently as well as assistance in building a strong credit score that serves as the foundation for a successful financial future.
“Central Virginia is fortunate to host many high-quality higher education institutions, whether colleges, universities, trade schools, seminaries, or nursing schools,” said Jennifer Dandridge, President and CEO. “We saw a major need shared by many new graduates for financial assistance that helps them get on their feet and live independently as they begin new careers and new journeys in life. Many traditional financial institutions won’t take a chance on unproven borrowers, but New Generations is very excited to be taking an active role in supporting Central Virginia’s newest workers.”
The credit union helps recent higher education graduates to identify the expenses associated with living independently, and then works with apartment communities, furniture stores, and other local businesses to ensure that each graduate’s needs are fully met. In cases where a graduate may not be able to afford to pay certain expenses now (such as the large security deposits often required by apartment communities and utility companies), the credit union will lend money to cover these expenses at a low, fixed rate that helps to establish a strong credit history.
New Generations Federal Credit Union was founded in 1950 by City of Richmond employees. Today, the credit union serves a diverse range of people with membership open to anyone who lives, works, worships, or attends school in the city of Richmond and the surrounding counties of Chesterfield, Goochland, Hanover, and Henrico.