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V O L . X X V N O. X V I I I A U G U S T 1 9 , 2 0 1 9 12 B U S I N E S S M A I N E B U S I N E S S M A I N E B U S I N E S S N E W S F RO M A RO U N D T H E S TAT E To make a Donation to the Next List Alumni Scholarship Fund through the Maine Community Foundation, visit mainecf.org and click on Make a gift. FOLLOW US @MBEVENTS #MBNext19 PRESEN T ING SP ONSORS NOMINATION CRITERIA Must be a business owner, CEO, founder, executive director, entrepreneur or business leader. Has demonstrated forward-thinking and an innovative approach to their work. A positive motivator and influencer of change. Demonstrates an innovative approach to problem solving while up against obstacles or barriers. Mainebiz needs your help to recognize ten dynamic individuals who are changing Maine's Economy and making a significant impact in their industry. To identify these trailblazing business leaders, we're opening the nomination process up to you! You tell us, who's NEXT? NOMIN AT IONS CLOSE AUGUS T 24 | M AINEBI Z .BI Z/NOMIN AT IONS NOMINATE an innovative leader today! Financing Fido: A credit union unleashes pet loans B y R e n e e C o r d e s S O U T H P O R T L A N D — With pet owners spending more money on their animal companions, one Maine credit union is offering its members a help- ing paw in the form of pet loans. Town & Country Federal Credit Union, which is based in South Portland and has an operations center in Scarborough, recently introduced pet loans at an interest rate of 6.99%. That's comparable to what it charges for other consumer loans. "In Maine we have a high level of pet ownership and I think all kinds of demographics enjoy pets," said David Libby, president and CEO of Town & Country FCU, which has 38,730 mem- bers and $385 million in assets. He said that demographic includes a growing number of singles, who have limited resources to draw from in case of a pet emergency. "People enjoy their pets, and I'm sure it is going to continue to get more expen- sive to own a pet," said Libby, a pet owner himself with a labradoodle at home. Noting that owners spend an average of $800 to $1,500 a year on their pooches and felines, Town & Country is offering loans to help defray costs of medicine, emer- gencies and vet visits. It also cites recent statistics showing Maine second in in the country in terms of households with cats, and among the Top 25 in dog ownership. Since introducing the loans a few months ago, more than a dozen of the credit union's members have made inquiries about borrowing. Libby said amounts are typically above $1,000, with some in the range of $4,000 to $5,000, and that loans can run for up to three years. Demand "is actually very good," Libby said. "Just the stuff that happens with pets, where they eat something and they need to get surgery for their stomach, can be very expensive." Biting into a new niche Libby said Town & Country decided to add pet loans to its product mix after observing employees' experiences with their own animal companions and asking how they were covering expenses. Further research revealed that some owners were having medical procedures done on their pets, and then had to borrow money to cover the costs at fees of more than 20%. Some insurers charged high deductibles. Given that most Mainers don't even have $400 in emergency savings, Town & Country pounced on what it saw as market niche opportunity with huge growth potential. Besides emergencies and routine medical care, Libby said the loans can also be used to finance adoptions, which can also be pricey. "At first I didn't realize it was that expensive," he said, "but some adoptions can cost up to $800 for a dog and $250 for a cat." He said the credit union is using some digital marketing to get the word out about the new loans. It also signed on as a sponsor of the Ales for Tails dog-friendly beer festival Aug. 24 at Thompson's Point in Portland, organized by the Animal Refuge League of Greater Portland. B R I E F People enjoy their pets, and I'm sure it's going to continue to get more expensive to own a pet. — David Libby Town & Country FCU P H O T O / C O U R T E S Y O F T OW N & C O U N T R Y F C U

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