(WTNH) – A local credit union is working to empower low-income families to improve their financial standing through a unique car loan program.
Dana Clark is the vice president of lending at Nutmeg State Financial Credit Union, which gives out the car loans.
Clark says the Working Wheels program does not deny loans based solely off of credit history. Instead, applicants can borrow up to $10,000 for a car loan if they meet certain requirements.
Applicants must meet with a loan consultant, create a personal budget and complete a financial literacy class, among a few other requirements.
Clark says the goal of this program is to help families gain financial independence and learn how to manage their money.
She says the credit union decided to start the program when they noticed a growing need in the community. It can be challenging for some people to find reliable transportation to and from work, which is necessary to maintain employment.
You can visit nutmegstatefcu.org for more information.