Adoption Line of Credit Helps Create Families
KSTP TV
A Twin Cities-based credit union is offering a different type of loan.
It's for families needing financial assistance with adoption - a very common, but expensive decision.
Firefly Credit Union's adoption loan has been in existence for less than a year, but already a dozen families have taken advantage of it.
"We said what's easiest for the borrower and how can we make this a seamless process for them," Firefly Community Engagement and Communications Specialist Geoff Bullock said.
Bullock has two adopted children himself. And his experience told him something had to be done to make it easier for families financially.
"We said 'Let's do a line of credit, kind of like a home-equity line of credit where you only take what you need, and only pay interest on what you need,'" Bullock said.
Whether it is the cost or another reason, fewer people in Minnesota are choosing adoption. Below are the latest statistics available from the National Council For Adoption.
This has been a busy year for Amy and Derrick Andrist. Unable to have children biologically, they adopted Emmett in March.
Within four months of bringing him home, they got another call, this one about little Edison.
"Our plan was to adopt one baby, and it was quite the journey, and plans change and we were blessed to adopt two baby boys," Amy said.
The cost of adopting their now-8-month-old boys surpassed $100,000—creating a huge financial concern.
"You go back to your bills and look at what can we cut, what do we need to cut, we'll do whatever it takes... we'll do anything for a child," Derrick said.
That's when their bank told them about Firefly Credit Union's adoption loan.
"You have a certain amount that you qualify for, and then the funds are available as you need them," Amy said.
The newly-created Andrist family knows they have much to be grateful for this Thanksgiving.
"Every day you can have a good or a bad day, but when you come home to those two boys and a beautiful wife, it's just the best ever," Derrick said.
For more on resources available to those adopting children, visit the mnadopt page from the Minnesota Department of Human Services.