With temperatures dropping and home heating costs on the rise, Cornerstone Bank has committed $100,000 in funding to a new home heating assistance loan program designed for households who have been hit the hardest due to rising inflation.
“Inflation and the rising costs of fuel are combining to make the coming winter season especially challenging for many households in our community,” said Cornerstone Bank CEO Todd Tallman. “We developed this special loan program to help ease the burden by allowing residents to spread out their fuel costs over a longer period instead of having to pay all at once.”
The home heating assistance loan program is specifically for low- to moderate-income households. The loan amount is up to $1,000 with terms of up to 10 months at a fixed low-interest rate of 3.00%. Applicants who don’t qualify for the home heating assistance loan may be eligible for a standard unsecured consumer loan.
Local residents can apply for the home heating assistance loan through February 28, 2023, at any of Cornerstone Bank’s branches throughout Central Massachusetts or online at bit.ly/3GYTZQc.