DEARBORN, Mich. — As Michigan's economy struggles to shift gears after hitting a massive speed bump created by a declining domestic auto industry, the state's credit unions are helping displaced workers train for new jobs.
Through the Career Transition Program, more than 30 Michigan credit unions now offer unsecured, below market education loans. The total committed is $40 million.
DFCU Financial, the state's largest credit union, is credited with originating the program. DFCU was founded to serve Ford Motor Company employees. Layoffs and early retirement buyouts at Ford, as well as at other domestic automakers, have hit both blue- and white-collar ranks.
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