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Summit Credit Union Announces Special Line Of Credit To Provide Government Shutdown Assistance

January 29, 2019 Protection assistance includes 90-day interest grace period MADISON, Wis.— Summit Credit Union has launched a new financial assistance program for its current members affected by the government shutdown. The new offering includes up to a $5,000 line of credit and interest-free grace period. “When they start getting paid again, members can start to pay back the loan. They have the option of setting up an automatic payment so the loan is paid right away. The 90-day interest free grace period gives them time to get their finances squared away before any interest even kicks in,” said Kim Sponem, the 17 year CEO & President of Summit Credit Union. “The last thing we want is for this situation to push people into a long-term debt cycle,” added Sponem. Summit’s short-term Overdraft Protection Line of Credit includes:
  • 0% APR up to receiving their first paycheck after the shutdown.
  • The 0% APR will remain in effect for 90 days following the resolution date* allowing members to pay it back quickly with back pay. 18% interest thereafter.
  • Overdraft protection line of credit up to $5,000
Summit Credit Union members affected by the government shutdown are encouraged to call (800)-235-5560 or stop by any Summit location to confirm eligibility or discuss their individual situation. *Offer only applies to existing Summit Credit Union members in good standing. Proof of government employment that has been furloughed is required. After the 0% interest rate period ends the interest rate will revert to the regular Overdraft Protection Line of Credit rate of 18% APR. Eligibility and credit criteria apply. You might also be interested in MADISON, Wis. — Hannah Echols of Milwaukee, has just been revealed as the winner of Summit Credit Union’s Project Money Season 15. Along with three other contestant teams, Hannah spent the past seven months working with a Summit Credit Union financial advisor to take steps to meet her financial goals. MADISON, Wis – Jody Brown, a Financial Professional with Summit Financial Advisors, located at Summit Credit Union, has been named one of the “Women of Distinction” – a recognition that honors female financial representatives for superior performance and extraordinary efforts in promoting financial security. MADISON, Wis – The U.S. Small Business Administration (SBA) has named Summit Credit Union a 2023 leading small business lender in two different categories. Specifically, Summit received two awards for FY 2023; the most 7(a) loans by a credit union in Wisconsin and the greatest lender participation with 504 loans in Wisconsin. The credit union loaned more than $23,000,000 between these two SBA vehicles. Newsweek Magazine rankings based on member feedback and institution’s financial health MADISON, Wis – Newsweek Magazine’s 2024 list of America’s Best Regional Banks and Credit Unions included Madison-based Summit Credit Union as one of the top 250 credit unions. The rankings were based on a mix of consumer/member input and financial performance and stability factors. MADISON, Wis. – Summit Credit Union, a member owned financial cooperative, and StartingBlock, Madison’s startup hub, welcome seven women entrepreneurs into the 2023 cohort of the Summit Credit Union Fellowship for Women Entrepreneurs. This is an initiative designed to support, empower, and catalyze the growth of women entrepreneurs in the region. Summit giving back $2.66 million to members in 10th year of annual member giveback bringing total money provided to eligible members to $22.3 million. MADISON, Wisconsin — Summit Credit Union announced an annual patronage dividend, called Cash Boomerang, of $2.66 million to its members. The giveback is based on the cooperative’s financial success and on a member’s use of Summit’s checking, savings, borrowing services, as well as their length of membership. MADISON, Wis -- Summit Credit Union has provided its full 2023 allotment of $700,000 in grants from the Federal Home Loan Bank of Chicago to eligible homebuyers, supporting their down payments, closing costs, or pre-paid expenses. MADISON, Wis. — Summit Credit Union, a member-owned financial cooperative, is the top mortgage lender in the state of Wisconsin this year, according to data collected under the Home Mortgage Disclosure Act (HMDA). Based on 2022 HMDA (Home Mortgage Disclosure Act) data, released at the end of June 2023, Summit provides more mortgages than any other mortgage lender in Wisconsin. Credit Union consumers took part in the Forbes and Statista survey and ranked credit unions on trust, terms & conditions, branch services, digital services, customer services and financial advice. 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The results of the data were obtained through the LEI: 254900NTAC4H10MGSU23 **  SBA Lender of the Year Award for Credit Unions as awarded by the Small Business Administration of Wisconsin in 2023. Copyright 2024 © Summit Credit Union. All rights reserved. If you are using a screen reader and are having problems using this website, please call 608-243-5000 for assistance. Insured by NCUA