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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 periodMADISON, 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 COTTAGE GROVE, WI – Summit Credit Union, headquartered in the Village of Cottage Grove, has pledged a $100,000 grant to “The Next Chapter” Library Capital... Madison, Wisc. – Summit Credit Union, a member-owned financial cooperative, announced today that it is recognized, for the second consecutive year, as... SCOTTSDALE, Ariz., Dec. 31, 2024 /PRNewswire/ -- , a leading management and technology consultancy for banks, credit unions and fintech firms, has announced... Madison, Wisc. - StartingBlock Madison, the city's premier hub for startups and innovation, is proud to announce a continuing partnership with Summit Credit... Madison, Wisc. – Summit Credit Union, a member-owned financial cooperative, hosted its annual ShredFest on September 28. Held in partnership with the Better... Madison, Wisc. – Summit Credit Union, a member-owned financial cooperative, has been awarded on the Forbes list of America’s Best-In-State Credit Unions... Madison, Wisc. – Summit Credit Union, a member-owned financial cooperative, is again the top mortgage lender in the state of Wisconsin, according to data... MADISON, WIS. — May 28, 2024 – Since its announcement in 2020, The Center for Black Excellence and Culture (The Center) has encouraged Madison’s Black... 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...
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* The Wisconsin's #1 Mortgage Lender designation is based on the number of loans in 2023, gathered from the Home Mortgage Disclosure Act data compiled annually by the Consumer Financial Protection Bureau. 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 2024. Copyright 2025 © 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