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Why Credit Unions Are Good for the Community

Why Credit Unions Are Good for the Community

Credit unions are financial service powerhouses. These member-owned organizations operate as not-for-profit entities. While they're known for offering the best rates and terms on auto loans and higher savings rates, few people recognize the positive impact they have on communities in which they serve.

Did you know that:

1. Credit unions strengthen local relationships.

Since local credit unions don't answer to investors, they enjoy greater flexibility with lending decisions. As small business advocates, credit unions can look beyond the figures on loan applications. They build relationships with the people who need assistance with local start-ups through loans, investments, and other community-oriented initiatives. 

Some financial institutions, like Vermont Federal, receive public recognition for these efforts. Recently, Vermont Business Magazine recognized Vermont Federal with a "Best of Business" award for Addison, Franklin and Grand Isle Counties due to the relationships formed in those counties.

2. Credit unions give to local charities and community members.

Many credit unions partner with charitable organizations and local schools to provide financial support to those in need. Credit union employees care and volunteer alongside credit union members to improve the community.

Vermont Federal is proud of our employees who volunteered 923 hours in 2021. Their efforts made a difference at multiple events. Some examples include:

  • 12th Annual Feed Your Neighbor Food Drive - A partnership with radio stations 99.9 The Buzz and 106.7 WIZN, which raised $1,525 in cash donations and 9,452 pounds of food for the Chittenden Emergency Food Shelf.
  • Giving Tuesday - In recognition of the "Giving Tuesday" movement, Vermont Federal Credit Union donated over $14,000 to a variety of local charities and non-profit organizations. These charities selected include: Hunger Free Vermont, Northwest Family Food, Out Community Cares Camp, VT Sustainable Job Fund, Jenna's Promise, Spectrum's St. Albans Drop In Center, Common Roots, South Burlington Food Shelf, Addison County Parent Child Center, Homeward Bound, Essex Chips, Outright VT and Champlain Valley Junior League - VT Diaper Bank.

The credit union also awarded five educational scholarships worth $2,000 each to graduating high school seniors and current college students.

3. Credit unions provide free financial literacy education.

You're unlikely to find a credit union that doesn't prioritize financial education for members and non-members alike. There's no need to enroll in a paid course to learn personal finance basics. Credit unions offer no-cost resources, like Vermont Federal's blog articles and online financial calculators, alongside personalized services, like financial health consultations. Vermont Federal also offers free home buying seminars where Vermonters can meet with local real estate professionals, discuss home buyer assistance programs, and learn more about buying a home in the state.

Experience more than the member benefits of low-interest rate financing and high-yield deposit accounts. We invite you to learn what makes Vermont Federal different from other banks and credit unions. Join today and become part of our growing community when you make a $5 Share Account deposit.

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