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In July 2023, the Sewall Foundation awarded funds to Community Credit Union to be used as a match in their 0% APR Credit Builder Loan program. A Credit Builder Loan is a back-loaded loan where you apply for the loan, pay it back, and then you receive those funds once fully paid. When you’ve made all your payments, the funds are released to you, which can help you apply for a larger secured loan, start an emergency fund, or pay down another debt. For eligible borrowers, the grant will match up to $500 per person. If the applicant is a resident of Lewiston or Auburn AND their income meets the Household Guidelines, they will be eligible for a matching grant, to match the loan amount of their Credit Builder loan up to $500. For example: If your Credit Builder Loan is $500, the grant will match $500. If your Credit Builder Loan is $300, the grant will match $300. If your Credit Builder Loan is $1,000, the grant will match $500. The matched funds will be deposited into the member’s share account within 1 business day of closing by the Loan Servicer. The matched funds will be locked in the member's account and will not be eligible for release until after the Credit Builder loan has been paid in full.

Grant fund matching is also limited to one per person and two per household. For example: If Mohamed and Jessica live together and both meet the requirements of the match, Mohamed may be eligible for up to a $500 match and Jessica may be eligible for up to a $500 match. If Mohamed, Melissa and Kristen live together and meet the qualifications, only two of them will be eligible. The Sewall Foundation has designated the Lewiston-Auburn area as a focus area for their grants in recent years. The matched funds are offered on a first come first serve basis through July 2025 so apply online today or contact our Lending Team 207-783-2096 to see if you are eligible for this grant match. This product is helpful in establishing or repairing your credit.