Elevate Fund

Elevate Fund

Entrust Financial Credit Union believes in the good work happening in and around Richmond to love and encourage those that are struggling. With our passion for good stewardship and financial education, we have created a program that can mobilize individuals to move beyond charity and into the realm of financial discipleship.

The Elevate Fund is designed to better equip ministries to provide tangible assistance to its members in crisis. It is a collaborative loan program turning benevolence funds into hand ups, not just handouts. We are empowering ministries by offering a low interest rate, short term loan to individuals in need.

Ministry’s Steps:

In order for you to participate in the Elevate Fund, the ministry will need to take the following steps:

  1. Open a Savings Account at Entrust and maintain a balance of $5.
  2. Deposit benevolence funds in a Savings Account.
  3. Notify Entrust when the ministry had committed funds to an individual by contacting Greta Kidd at gkidd@entrustfcu.org or (804) 353-8012.
  4. An appointment will be set up for the loan documents to be signed by the ministry and the borrower.

Borrower’s Steps:

  1. Once funds have been committed by the ministry to the borrower, they must come to Entrust’s office to complete the necessary paperwork.
  2. Paperwork includes opening an Entrust Savings Account as well as completing their information for the loan. The $5 required to establish the account can be included in the total loan amount.
  3. If a bill is to be paid, they must bring the bill to the credit union when finalizing the loan.
  4. The borrower must complete two financial education courses that can be found online at www.entrustfcu.org/moneyed.

Interest Rate and Term

The interest rate will be set at 5% APR1 + current share rate. The term of loan is a maximum of 18 months.

1APR=Annual Percentage Rate. If you borrow $500 for 12 months at 5.1% APR (5% APR + 0.10% current share rate as of 9/30/16), your monthly payment would be approximately $42.83.
Sources: http://www.washingtonpost.com/local/virginia-becomes-hub-for-risky-car-loans/2012/08/23/c7f181e8-e2f7-11e1-98e7-89d659f9c106_story.html.
2Accessed 4/7/2015. http://www.richmond.com/business/article_0b644cab-d48b-5e6f-9539-fdfdf7991063.html. Accessed 4/7/2015. George Mason University, School
of Public Policy; “New Voices in Public Policy”, Volume VI Winter 2011/2012; Campbell, Lauren