Permaculture Credit Union [RE-wrenches]

[Allan Sindelar, Positive Energy, Inc.]

Wrenches,
Here's a heads-up that will be of interest, especially to Wrenches and their
clients in California and New Mexico. Over the last several years, the
Permaculture Credit Union has been established in Santa Fe, with the goal of
eventually becoming nationwide. Membership is already open to anyone. They
WANT to lend for renewables. Some excerpted information on their loan
programs is below. More info is available at www.pcuonline.org .

Innovative Loan Programs Introduced
The Permaculture Credit Union presently offers four types of loans to
members, signature loans up to $5,000, home equity and auto loans up to
$30,000, and share secured loans up to the full deposit amount.
We have recently introduced a Sustainability Discount Program, which
provides a .75% (3/4%) interest rate discount for projects that can be
certified to be for one of the following purposes:
. home energy efficiency upgrades
. renewable energy generation
. permaculture landscaping
. water catchment and delivery
. farm machinery
. fuel efficient automobiles (.75% for vehicles that achieve 35mpg average
and an extra .75% discount for vehicles that exceed 45 miles per gallon
average.)

At the present time, share secured loans (which are the best interest rate
that we offer) are the only loans that we can make to our out-of state
members. This is due to regulatory requirements, asset and income
verification procedures, and legal issues that we do not yet have the staff
to accommodate. We are very aware of the needs of our members and we have
begun to research the legal and operational requirements for lending in
California, the state that has generated the second highest level of members
and deposits. Our plan is to gradually create lending operations in states
that show the highest levels of member and deposit support. Ultimately, our
goal is to be nationwide, lending in each region in proportion to deposits
in that region. Please be patient!

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