financial and economy : Vermont Development Credit Union has made its name
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on being different. ... Now in its 13th year, this credit union has made $75 million in loans and boasts a loss rate of "half of a percent," Stewart said. "It stacks up very well to banks." ... The VDCU lends to working people with low incomes, a group that includes women and immigrants and is not well-served historically, she said. The credit union's supporters include major banks, such as BankNorth Vermont. In 2002 BankNorth invested $250,000 to meet a capital fund-matching award from the U.S. Treasury Department, bank President Philip Daniels said. The bank also provided seed money for deposits. The two institutions do not compete, Daniels said. Stewart said her credit union mainly serves clients that traditional lenders would not handle.
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