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Environment a focus for N.C. CUs
GREENSBORO, N.C. (9/28/09)--Two North Carolina credit unions are partaking in green initiatives to help the environment. State Employees’ Credit Union (SECU), a $16.7 billion asset credit union based in Raleigh, has recently expanded its “green” program offerings to include a Green Second Mortgage. The new loan product is designed for energy efficient improvements such as replacement windows, heating/air conditioning systems, insulation, solar water systems and Energy Star appliances. As much as $50,000 may be financed for up to 10 years with at least 75% of the proceeds used for energy efficient improvements. “SECU encourages its membership to seek energy efficient home improvements in order to cut costs and save on their utility bills,” said Phil Greer, SECU senior vice president of loan administration. “There are also some federal and state tax credits and utility company rebates to assist homeowners who make energy efficient home improvements, and we recommend that our members take advantage of those as well.” Self Help CU, a $349.3 million asset, Durham-based credit union, said it is offering an Environmental Term Certificate (CD) to environmentally conscious members (Weekly Update Sept. 25). The CD has several maturity terms and gives members a return on their investment while supporting the credit union’s Environmental Stewardship initiative. For more information, use the link. Through the initiative, Self Help was able to provide a loan to Piedmont Biofuels in Pittsboro so it could purchase a truck for collecting grease from area restaurants. The loan allowed Piedmont to begin collecting more grease instead of buying other forms of raw materials for fuel production on the open commodities market. As a result, the company can deliver fuel to its members more inexpensively. For more information, use the link.
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