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Summit Credit Union Awards Couple $10,000 In Project Money Program

February 16, 2017 Eighth annual financial competition helps teams achieve financial goals MADISON, Wis.—Over the course of seven months in 2016, Drew and Liz Ehlert saved nearly $30,000 while reducing debt by over $6,600. Thanks to these impressive numbers, they were crowned winners of Summit Credit Union’s Project Money program and were awarded the member-owned financial cooperative’s $10,000 cash prize. “We quickly learned that communication is the single most important factor in achieving our financial goals,” said the couple. “Project Money has given us a much brighter outlook about our money and has enabled us to actively prepare for our family’s future, not just dream about it.” The Ehlerts began their journey with the primary goals of building an emergency fund, increasing retirement contributions, saving for their son Beckett’s college tuition and tackling Liz’s student loan debt. After working closely with their financial coach, Ryan Husom, the couple exceeded most of those goals and is on pace to accumulate $100,000 in their son’s college savings account by the time he reaches college. “Our Project Money teams impress us every year,” said Summit CEO and President Kim Sponem. “It takes a lot of courage to open up about your finances. If the teams and members of the community who follow along at home feel even a little more financially empowered each year, the program is a success.” The Ehlerts were one of four area couples that participated in the annual real-life financial competition. At the program’s outset, each team is assigned a Summit financial coach who they collaborate with from May through December in identifying financial strategies and tactics to improve their lives. The program places an emphasis on financial education, empowering its contestants—and community members who follow along—with financial resources and best practices. Winners are selected based on overall debt reduction, savings increase and participation in program events, which include live appearances on Madison’s NBC15. In addition to the $10,000 awarded to the winners, each participating team receives $2,500. Since the program’s inception in 2009, Project Money contestants have collectively increased savings by $278,539 and reduced debt by $335,157. In 2016, participants accrued $60,039 in savings and lowered debt by $29,609. Pictured left to right: Coach Ryan Husom, Drew Ehlert, Liz Ehlert and Chris Schell. 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