SEATTLE (3/10/14)--Credit unions are known to cater services to their memberships. That's why it was no surprise when Verity CU, based out of bicycle-loving Seattle, rolled out a new loan program just for bike riders.
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But while Verity, with $422 million in assets, isn't the first credit union to offer a bicycle loan program, the way the organization advertised the new service in 2013 was perhaps unique.
Using the social media service CafeGive Social--a social marketing app company--Verity launched its loan campaign with a photo contest called "Roll On Seattle," which asked community members to send in snapshots of their favorite bikes.
The response was instantaneous, according to CafeGive's website. With a $250 gift card to the winner as an incentive to enter, Verity increased its number of Facebook "likes" by 68%.
That's 68% more people who learned the details of the loan program, which includes no payment for 90 days and loan amounts ranging from $500 to $7,500.
Verity also donated $5 for the first 100 entries to Bikeworks Seattle, a nonprofit that supports sustainability initiatives, bicycle education and safety.