Four Local Nonprofits Have a Chance to Win $10,000
Courtesy of Donation from Benchmark Federal Credit Union
WEST CHESTER, PA – August 12, 2020 – At a time when nonprofit services are in high demand but funding is low, four nonprofits in Chester County have the chance to win $10,000.
Benchmark Federal Credit Union has donated $2,400 worth of tickets to four local nonprofits, so they can participate in this Friday’s 15th Annual 10 Grand Club event held by the Greater West Chester Chamber of Commerce. The four nonprofits who each have three chances to win $10,000 for their organization are:
“Each of these organizations continues to provide services that are even more valuable to our community during COVID-19,” says Daniel J. Machon, Jr., President and CEO of Benchmark Federal Credit Union. “We are pleased to provide the chance for one of them to hopefully win $10,000; in addition to the donations we make to Chester County nonprofits throughout the year.”
The 10 Grand Club event is similar to playing the lottery, only the odds are better. Each participant has a 1 in 200 chance of winning when the numbered ping pong balls hit the lottery machine this Friday from 7pm to 9pm. Tickets are still available, with a portion of proceeds supporting Chamber scholarships for entrepreneurial high school students participating in the West Chester University Business Idea Competition.
Benchmark Federal Credit Union is also sponsoring a free Nonprofit Panel Discussion Series for the Greater West Chester Chamber of Commerce beginning this fall throughout 2021.
“We are proud to be the financial partner for a multitude of local nonprofits who may find it difficult to meet the requirements of larger banks. There is a $5.00 minimum balance for a nonprofit to open and maintain a Benchmark account, and no check writing fees up to 200 checks per month,” says Machon.
Benchmark Federal Credit Union has seen an uptick in the number of Chester County small businesses interested in the Benchmark Cares Loan Program, which they are attributing to the green phase of reopening. This loan is interest-free for the life of the loan, and the first payment is deferred until January 1, 2021. The loan has a 10-year term and offers funds up to $50,000 per business.
“At this time, we’ve set aside $1 million for local small businesses, with applications considered on a first-come, first-serve basis to preserve fairness,” says Mark Pizzi, Vice President of Commercial Lending at Benchmark Federal Credit Union.
The Benchmark CARES Loan requires a lien on the business owner’s property. “We want to make sure business owners are aware of this important provision. As a member-owned financial cooperative, it is our responsibility to offer the best loan terms possible while preserving the financial wellness of the institution as a whole,” states Machon.
As the only Federal Credit Union to exclusively serve Chester County, Benchmark supports more than 20 community events and organizations each year, including the Benchmark Twilight Cycling Classic and the Chester County Single Mothers’ Conference. Benchmark Federal Credit Union also provides a free, award-winning financial literacy curriculum to teachers and students in more than 60 public, private, and parochial schools across Chester County.