St. Louis-area leaders praise program to help buy cars

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by Dan Greenwald / KMOV.com

KMOV.com

Posted on April 14, 2014 at 5:05 PM

Updated Tuesday, Apr 15 at 6:30 AM

(KMOV.com) -  Local leaders hope a new program will help those with a low income buy a car.

The Sure Ride Initiative is aimed at low income borrowers who are willing and able to work but have trouble keeping a job because of transportation.

The St. Louis Community Credit Union and local dealerships are partnering to provide between $13,000 and $15,000 in loans on used cars. Currently, only employees of certain St. Louis agencies can qualify, but some hope to expand the program.

St. Louis Mayor Francis Slay said he believes it will help combat unemployment in both St. Louis and several counties in the Metro East.

Officials told News 4 a federal grant of $750,000 will serve as loss protection for the credit union. Officials believe the grant will allow them to issue between $7 million and $9 million worth of loans over the next three years.

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