Lending

Veridian CU Unveils Storm Loan Program

CU sets aside $3 million to help members affected by rain, flooding, and storms.

July 18, 2011
KEYWORDS iowa , loan , storm
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Veridian Credit Union, Waterloo, Iowa, has set aside $3 million for a special Storm Loan program to help those who’ve suffered property damage or hardship due to recent storms.

The $1.8 billion asset credit union’s Storm Loan features a 7.5% fixed rate interest rate for loans up to $5,000; 7% if payments are made via automatic transfer or payroll deduction.

Borrowers will be asked to indicate the specific purpose for the loan at application. Funds can’t be used to pay off an existing loan, and only one Storm Loan per household is permitted.

Many Iowa communities have been affected by rain, floods, and storms this season. Some Iowa families are displaced from their homes because of flood waters, and many others are left with clean-up from storm-related damage.

People may apply for the loan through Oct. 31, 2011, or until the $3 million fund is loaned out, whichever occurs first.

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Great article! Unfortunately, most employees don’t feel valued or appreciated by their supervisors or employers. In fact, research has shown that the predominant reason team members quit their jobs is because they don’t feel valued. This is in spite of the fact that employee recognition programs have proliferated in the workplace – over 90% of all organizations in the U.S. has some form of employee recognition activities in place. But most employee recognition programs are viewed with skepticism and cynicism – because they aren’t viewed as being genuine in their communication of appreciation. Getting the “employee of the month” award, receiving a certificate of recognition, or a “Way to go, team!” email just don’t get the job done. How do you communicate authentic appreciation? We have found people have different ways that they want to be shown appreciation, and if you don’t communicate in the language of appreciation important to them, you essentially “miss the mark”. Additionally, employees need to receive recognition more than once a year at their performance review. Otherwise, they view the praise as “going through the motions”. A third component of authentic appreciation is that the communication has to be about them personally – not the department, not their group, but something they did. Finally, they have to believe that you mean what you say. How you treat them has to match the words you use. If you are not sure how your team members want to be shown appreciation, the Motivating By Appreciation Inventory (www.appreciationatwork.com/assess) will identify the language of appreciation and specific actions preferred by each employee. You then can create a group profile for your team, so everyone knows how to encourage one another. Remember, employees want to know that they are valued for what they contribute to the success of the organization. And communicating authentic appreciation in the ways they desire it can make the difference between keeping your quality team members or having a negative work environment that everyone wants to leave. Paul White, Ph.D., is the co-author of The 5 Languages of Appreciation in the Workplace with Dr. Gary Chapman.

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