Woodstock Institute is pleased to release a case study of the partnership between Spokane Neighborhood Action Programs (SNAP), Numerica Credit Union, and Washington State Employees Credit Union. This partnership received technical assistance from Woodstock as part of the Building Community Assets program, which seek to increase low- and moderate-income enrollment at mainstream credit unions by partnering with non-profit organizations at four sites across the country. Wanting to transition Neighborhood Assets from a pilot program to a full service operation, SNAP sought assistance from Woodstock to help develop and market products tailored to low- and moderate-income consumers; to oversee the development of the program’s organizational structure; and to help define the terms of the partnership. To date, the program has registered 551 clients and graduated 57 into full credit union membership helping those individuals to build assets.
Community activists, led by the Delaware Community Reinvestment Action Council (DCRAC), are planning to launch a new credit union to offer affordable financial products and services to lower-income Wilmington residents, including low-cost alternatives to payday loans.
Rashmi Rangan, executive director of the Delaware Community Reinvestment Action Council (DCRAC) and a key organizer of the credit union, plans to submit a proposal to credit union regulators in October 2006. Supporters hope to fund the new credit union through a grant from Catholic Charities and local banks, which could receive credit for investments under the Community Reinvestment Act.
Supporters also hope to enroll 200 members and secure $60,000 in deposits and $200,000 in loans in its first year.
For more information, contact Rashmi Rangan at 1-877-825-0750.
