Michigan CUs career transition program gets media coverage
NORTHVILLE TOWNSHIP, Mich. (12/15/06)--Michigan credit unions' initiative to provide low-interest education loans to members who lost their jobs has garnered positive press throughout the state and extensive government support, says the Michigan Credit Union League (MCUL).
The Career Transition Program (CTP) is designed to assist many credit union members and their families who were displaced by the state's rapid loss of manufacturing jobs.
Newspapers, local radio and television stations throughout Michigan-- including Battle Creek, Lansing, Marshall and Kalamazoo--reported on the effort.
The Michigan Department of Labor and Economic Growth also contributed more than $1.5 million to the program to help cover costs of textbooks and career counseling.
"We are happy to see such positive coverage of the CTP in the media, but more importantly we are pleased credit union members can get the training they need to be successful in Michigan's economy," said MCUL President/CEO Dave Adams.
"The turbulent job market has caused problems for many families in our state, and this program will certainly be encouraging news, while also highlighting the credit union social mission and philosophy of service before profit," Adams said.
Through the CTP, members can obtain a 10-year unsecured loan for career retraining and education at significant discounts over an ordinary unsecured loan. Nearly $40 million has been committed so far by nearly 40 Michigan credit unions.
Dearborn-based DFCU Financial, Michigan's largest credit union and originator of the program, is anchoring it with a commitment of $10 million to help eligible members.
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