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After a damaging storm raced through Iowa earlier this week, one credit union announced $3 million in Disaster Assistance Loans for members who suffered property damage.
The massive storm system, called a derecho, rushed through several states from South Dakota to Ohio on Monday. On occasion, according to the National Weather Service, wind speeds reached 100 miles per hour, flattening crops and damaging several homes and structures, especially in Iowa.
The $4.7 billion Veridian Credit Union, headquartered in Waterloo, Iowa, said it is making these low-interest loans as a way to help members manage expenses resulting from the weather-related damage. According to local news reports, up to 10 million farm acres were damaged by the storm.
"Storm damage has caused significant, unexpected expenses for many in our community," Joe Lichty, Veridian's manager of consumer lending, said. "The Disaster Assistance Loan is designed to offer a low-interest resource to those who might otherwise turn to high-interest credit cards to make necessary repairs."
According to a statement from Veridian, loan amounts can go up to $5,000 with up to 36-month terms. Individuals can apply for a Disaster Assistance Loan now through Sept. 30, or until the $3 million has been loaned out, whichever happens first, according to Veridian's statement.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
