7 17 CU Commits Up to $1 Million for Ohio Small Businesses
For every auto loan refinance, the CU will give up to $250 in gift cards supporting businesses in struggling Youngstown.
A new initiative at 7 17 Credit Union offers an incentive to refinance an auto loan with the credit union while boosting sales for small businesses in a downtown district that has suffered a few hits in recent years.
The $1.7 billion, Warren, Ohio-based credit union said from Nov. 1, 2024 through Dec. 31, 2025, it will award members up to $250 in gift cards good for purchases at participating small businesses in Youngstown, Ohio, committing up to $1 million in gift cards through the end of next year.
Located 50 miles east of Akron, Ohio near the Pennsylvania border, access to downtown Youngstown businesses has been limited since 2020 as a result of the pandemic and subsequent road closures, restructuring and infrastructure improvements, 7 17 said. The natural gas explosion that occurred at the Realty Tower Building on May 28, 2024, which killed one person and injured nine others, brought additional challenges to the area.
7 17 announced the new initiative, called the Forever Youngstown Auto Refinance Program, on Oct. 19 at The Downtown Open, a free concert held in Youngstown in support of the city’s downtown businesses, of which the credit union served as presenting sponsor.
“When we began to look at how 7 17 could help, it was obvious we could make a difference by partnering with the city, [Youngstown event promotion and production company] JAC Live, our Chamber and other leaders who have been such powerful advocates for years,” 7 17
President/CEO John Demmler stated. “Being the presenting sponsor of The Downtown Open aligns with our mission to help people live better lives financially and support the communities we serve. But it can’t end with one event. We knew we had to push this one step further to create lasting change.”
According to 7 17’s website, members who refinance an auto loan with the credit union will receive a gift card, and the higher the auto loan balance, the higher the value of the gift card. Members who refinance auto loans between $5,000 and $7,000 will receive a $50 gift card; balances of $7,500.01-$10,000 get a $100 gift card; balances of $10,000.01-$15,000 result in a $150 gift card; balances of $15,000.01-$20,000 get a $200 gift card and balances of $20,000.01 and higher result in a $250 gift card.
The list of participating businesses is still being determined and 7 17 will be announcing additional Forever Youngstown offers on other products in the near future, the credit union said.
“We want to align ourselves with what our partners at Eastgate Regional Council of Governments, the Chamber and others are doing to make lasting change and fulfill our purpose of supporting the communities we serve by banking on each other,” Demmler added. “We intend to build upon the Forever Youngstown campaign through 2025 with additional ways we can give back, so stay tuned.”