FAQ
What is Opportunities Credit Union?
Opportunities Credit Union is a Community Development Financial Institution certified by the U.S. Department of the Treasury and a depository institution regulated by the State of Vermont and insured by the federal National Credit Union Administration (NCUA). We are structured as a not-for-profit financial cooperative, owned by our members.
What is the purpose of Opportunities?
Our mission is to create wealth among low income and other underserved populations, including women, minorities, immigrants, and people of color. We promote grassroots community development by giving people a way to save and obtain affordable credit and financial services and by small business lending and job creation.
What is the difference between Opportunities and other financial institutions?
Our motto, "We don't say no, we say when" means we have eliminated the word "no" from our vocabulary. We work with motivated people for as long as it takes to become bankable - for months, even years. Eventually, they can achieve their goals. A member who bought a home after living in a tent says, "we had the determination and Opportunities gave us the opportunity and support. They encouraged us and worked with us until we achieved our goal."
How long has Opportunities been in business?
Opportunities was founded as Vermont Development Credit Union by the Burlington Ecumenical Action Ministry (BEAM) in 1989.
Can these borrowers afford a mortgage?
Our goal is to build assets. Loans are one means to that end, but we lend people only as much as they can afford. We service all our loans, providing repayment counseling when necessary. In eight years of mortgage lending, over 99% of our borrowers have met their obligations.
Is Opportunities a financial institution or a non-profit agency?
We are both. We are and have the objectives of a non-profit agency -- assisting low-income citizens and promoting community development. But our methods are thoroughly businesslike. Our delinquency rate is comparable to that of commercial banks. Our professional management and staff are always working to improve productivity and achieve more with the resources we have.
What types of loans does Opportunities offer?
About half our loan volume is affordable mortgages. We lend for all types of home improvement. We make small business loans. And we lend for personal capital needs from computers to vehicles, from medical bills to refrigerators.
Are there ways I can support the work of Opportunities Credit Union?
Anyone can invest in Opportunities CDs, thereby making more capital available for our work. CDs are federally insured and pay near-market interest rates. Through Opportunities Inc., our non-profit affiliate, we accept donations to support new and expanded credit union programs. We also welcome volunteers.
How does Opportunities make people "bankable"?
How big Is Opportunities?
Who belongs to Opportunities?
Why do people join Opportunities?
We are Vermont's major source of affordable banking services, including counseling-based lending. We offer no-fee savings accounts, affordable checking accounts, ATM/debit cards, and many other services.
