PORTSMOUTH, N.H. — Given recent localized flooding, Northeast Credit Union has launched the Relief Loan Program–Neighbors Helping Neighbors.

The program is designed to help all homeowners and renters in the community impacted by the floods of spring 2007 get back on their feet by helping them make necessary purchases and repairs.

“In many cases, our neighbors did not have flood insurance that will cover all of the damages sustained by the recent storm surges,” said Peter Kavalauskas, president/CEO of NECU. “By reacting quickly, we are offering the Relief Loan Program to provide everyone in the community with another financial option while they may be waiting for government programs, private insurance or similar funding to rebuild their homes and their lives. We are pleased to offer this type of service to all of the people who need it. This type of service is what credit unions are all about–'people helping people.'”

Members have their choice of the Homeowner Relief Loan and Renter Relief Loan. The Homeowner Relief Loan details include: no payments for 90 days, a 5.9% Annual Percentage Rate for a loan amount up to $20,000 with repayment terms of 60 months, or a 6.9% APR with repayment terms of 84 months. The Renters Relief Loan details include: no payments for 90 days, a 7.49% APR for a loan amount up to $5,000 with repayment terms of 60 months.

Both loans are unsecured and applicants must live, work or do business in one of the six New Hampshire counties or within 25 miles of a NECU branch location.