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Denver-based nonprofit, The Community Impact Fund, will administer the loans.
OXNARD, CA (June 29, 2023) — Yesterday, OceanAir Federal Credit Union (CBC) announced partnerships with Boys & Girls Clubs of Greater Oxnard and Port Hueneme and Big Brothers Big Sisters of Ventura County to offer interest-free loans to employees of the nonprofits through The Community Impact Fund (CIF), a nonprofit established to help organizations meet the financial needs of people in their community .
“We are thrilled to bring this incredible resource to our local nonprofit partners,” said Daniel Bednar, SVP and chief strategy officer for CBC. “When we looked at how we as a credit union could maximize community impact, we wanted to do more than make a donation. By empowering these nonprofit employees financially, we’re aiding their long-term wellbeing and ability and do what they do best – bring their missions to life.”
Although managed by CIF, loans will be completely funded by CBC and will allow nonprofit partner employees to bridge cash flow and pay unexpected expenses without accruing extra fees or increasing high-interest debt. Repayment of the loan typically takes place over a 12 month schedule but there can be additional flexibility as needed. Upon repayment of the loan, individuals are eligible to earn a savings incentive bonus equal to 10% of their original loan, designed to help them save for future unexpected expenses.
“When we first began working with CBC, it was to provide the credit union’s employees with zero-interest loans,” added Mike Scheid, executive director of CIF. “To be able to extend these loans to nonprofit organizations in partnership with CBC is another way we’re maximizing impact and empowering even more individuals to experience financial well-being.”
Anyone can suddenly face a financial need due to unforeseen circumstances, making interest-free loans a beneficial option to overcome the unexpected. Loans will be awarded at amounts ranging from $500 to $3,000. Because the loans are managed by CIF, employees are granted a level of anonymity as no individual at CBC or their organization will review the loan application or related documents.
“Taking unexpected financial stress off of our employees’ plates means they can better serve our Club Kids,” added Erin Antrim, CEO of Boys & Girls Clubs of Greater Oxnard and Port Hueneme. “As we discussed potential partnerships with CBC, they mentioned this employee benefit as a way to support our organization and we are so grateful to provide such a unique offering to our employees.”
While many individuals struggle to pay back loans due to lack of savings, impact loans offer flexible repayment options and terms. Impact loans are a means by which CBC, Boys & Girls Clubs and Big Brothers, Big Sisters can provide a hand up to their dedicated team members, and community as a whole.
“Our employees work tirelessly and passionately to support the next generation in Ventura County,” added Danica Selvaggio, CEO of Big Brothers Big Sisters of Ventura County. “Providing stability for our employees not only benefits our agency, but helps us as a nonprofit to recruit the next generation of Ventura County professionals and support our team both at work and at home.”
CIF is dedicated to helping organizations meet the financial needs of their people and community by creating sustainable and scalable community impact. Employers can learn more about impact loans for their employees at communityimpactfund.org.
About Community Impact Fund
The Community Impact Fund is a 501(C)3 non profit organization established to help organizations meet the financial needs of people in their community by providing the education and technology to create sustainable and scalable community impact. Learn more about The Community Impact Fund at communityimpactfund.org.
About OceanAir Federal Credit Union
OceanAir Federal Credit Union is headquartered in Ventura County, California with four branch locations and assets in excess of $800 million. Originally chartered in 1952, the Credit Union offers a wide array of Home Loans, Lending, Wealth Management, and Deposit products.
About Boys & Girls Clubs of Greater Oxnard and Port Hueneme
BGCOP has served as Ventura County’s premier youth development organization for over 65 years. Trained staff provide high-quality programs to a diverse population, with an emphasis in underserved and low-income communities. Services are provided in three full club facilities, three satellite sites, eleven school outreach sites, two public housing sites and one Juvenile Justice Center, the first of its kind in California. Programs and special initiatives focus on Academic Success, Good Character and Citizenship, and Healthy Lifestyles, and have a meaningful impact and positive outcomes for the targeted population. BGCOP is an innovative and progressive youth development agency. BGCOP employs 135 staff and has a volunteer base of over 430 individuals.
About Big Brothers Big Sisters of Ventura County
Big Brothers Big Sisters of Ventura County (BBSVC) is an independent 501(c)3 nonprofit that has been connecting Bigs and Littles in professionally supported, one-to-one mentoring relationships in Ventura
County and neighboring communities since 1970. Serving over 1000 individual youth ages 6-21 years old each year, BBSVC is committed to bringing life-changing mentoring programs and opportunities to every child in Ventura County who can benefit from having a mentor introduced in their lives.
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