Spokane Teachers Credit Union announced it 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, STCU announced the day after the storm that it was offering personal loans as low as 1.99 percent annual percentage rate, depending on applicants' credit history.
Called "Get-it-fixed," the loans were essentially a break-even, David Flood, vice president of lending said in a news release. Collateral was not required, and the loan simply had to be storm-related to be eligible.
The day after the storm, STCU staff began talking about the best way to help those affected, acocrding to Flood.
"One of our colleagues suggested an unsecured emergency loan at a low rate," he said. "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."
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, 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 covered with credit cards.
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