First responder loans cover critical costs
'It’s a one-of-a-kind in the market areas we serve.'
First responders who need to replace a turnout coat or purchase a new pair of boots, but don’t have the money to do so, now have an option.
Aventa Credit Union in Colorado Springs, Colo., introduced a loan program earlier this year that helps first responders purchase equipment they need to replace or upgrade—costs a stipend or their department don’t always cover.
“We can give back to our firefighters, police officers, and other first responders,” says Karin Kovalovsky, vice president of corporate communications and marketing for the $163 million asset credit union, which serves city employees in three counties.
Individuals who show proof of employment or volunteer affiliation with a first responder unit can receive up to $5,000, repayable over a three-year term at a fixed 3% annual percentage rate.
First responders can use the loans to purchase equipment and apparel such as radio holsters, dry suits, patrol jackets, and helmet-mounted lights.
Interest in the loans among first-responder groups has been high, says Kovalovsky.
“It’s a one-of-a-kind in the market areas we serve and hasn’t been seen in Colorado."