The $2.1 billion STCU approved $1.1 million in low-cost emergency loans in the month following the Nov. 17 windstorm that pounded the Inland Northwest.
Responding to the crisis that left 200,000 people without power, the Spokane, Wash.-based STCU announced the day after the storm that it was offering personal loans as low as 1.99% annual percentage rate, depending on applicants' credit history.
Called "Get-it-fixed," the loans were essentially a break-even proposition for the not-for-profit credit union, Vice President of Lending David Flood said. Collateral was not required, and the loan simply had to be storm-related to be eligible. STCU members and non-members were welcome to apply.
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The day after the storm, STCU said in a release its employees brainstormed the best way to help those affected.
"One of our colleagues suggested an unsecured emergency loan at a low rate. We met that morning and within a couple minutes decided to move forward and we had it ready to go by the end of the day," Flood said.
Applications were accepted through Dec. 18 to give homeowners a chance to see what expenses would be covered by insurance and where they'd help filling financial gaps. STCU approved more than 221 loans, in amounts ranging from $300 to $20,000.
Replacing spoiled food was a common use for the money, along with roof and fence repairs, tree removal, generator purchases and covering hotel and restaurant expenses that many residents had paid for with credit cards.
STCU has 18 branch locations throughout Eastern Washington and North Idaho. Six were unable to open the day after the windstorm, and one remained closed through the end of that week.
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