Four area nonprofits in the running for $10,000
Benchmark Federal Credit Union donates tickets for chance to win
Four Chester County nonprofits have the opportunity to win $10,000 during the Greater West Chester Chamber of Commerce 10 Grand Club event today.
Benchmark Federal Credit Union has donated $2,400 worth of tickets to each organization, so they can participate in Friday’s event. Each nonprofit now has three chances at winning the $10,000 grand prize for their organization. They are: The Arc of Chester County, Family Lives On, Family Service of Chester County and Friends Association.
“Each of these organizations continues to provide services that are even more valuable to our community during COVID-19,” Daniel J. Machon Jr., president and CEO of Benchmark Federal Credit Union, said in a press release. “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.”
In light of the coronavirus pandemic, this year’s event — the 15th annual 10 Grand Club event — will be virtual, to be broadcast via Zoom. A total of 200 tickets are being sold, at a cost of $200 each. A portion of the proceeds support chamber scholarships for entrepreneurial high school students participating in the West Chester University Business Idea Competition.
Each ticket sold for the 10 Grand Club event has a one in 200 chance of winning the $10,000 grand prize. Two-hundred ping pong balls will be placed in a lottery machine — each one with a number that corresponds to a ticket. The winner is the person whose ball is the last one in the machine.
Tickets are still available for the event, and can be purchased through the chamber’s website or by calling 610-6964046. A Zoom link to the virtual event will be provided upon registration.
Benchmark Federal Credit Union also plans to sponsor a free Nonprofit Panel Discussion Series for the Greater West Chester Chamber of Commerce beginning this fall and continuing through 2021.
“We are proud to be the financial partner for a multitude of local nonprofits that may find it difficult to meet the requirements of larger banks,” Machon added. “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.”
According to the release, Benchmark Federal Credit Union has seen an increase in the number of Chester County small businesses interested in the Benchmark Cares Loan Program. The 10-year loan is interest-free for the life of the loan, with the first payment deferred until Jan. 1, 2021. The loan 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,” Mark Pizzi, vice president of commercial lending at Benchmark Federal Credit Union, said in the release.
Machon added that 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,” he said.