LANSING, Mich. -- With Michigan manufacturing workers facing a changing job market, NuUnion Credit Union is giving its members a helping hand.
The credit union will provide up to $1 million in low interest loans to support educational assistance for members who need new or advanced training as part of the Michigan Credit Union League's Career Transition Program.
NuUnion will offer eligible members a fixed-rate loan with a maximum payback period of 10 years, which begins after a 24-month deferment period, during which the interest on the loan will be forgiven. The interest rate will be set at .50% below the Stafford loan and the maximum assistance per member is $10,000.
"With American automakers announcing restructuring plans and production changes, and auto suppliers responding by making their own adjustments, many Michigan manufacturing workers have found themselves in a new situation, possibly in need of job retraining, advanced training in their current trade, or in the position to start an entirely new career," said NuUnion CU President/CEO Stephan L. Winninger. "NuUnion Credit Union knows that for some, this can be a difficult, possibly even scary time. So if we're able to make the transition a bit easier for these folks, we're proud to support them."
To be eligible for the program, credit union members must be at least 21 years old, have at least two years of prior full-time work experience, and be displaced or in the process of being displaced from the workforce. Members must also be in good standing.
In partnership with the Governor's office, the Office of Finance and Insurance Services, NCUA, and the Michigan Department of Labor and Economic Growth, dozens of credit unions around the state have joined together and committed more than $47 million to support Michigan workers.