Industry Impact

The Spirit of Our Movement

The credit union industry has a long history of making a positive impact by serving the underserved. In fact, the first credit union in the United States (St. Mary’s Credit Union) was formed to help immigrant factory workers struggling to meet basic needs. Serving the underserved is in the DNA of credit unions. We are for people not for profits.

Partnering to Build Better Communities

The Illinois Credit Union League partners with the Illinois Hispanic Chamber of Commerce to provide assistance to small businesses and entrepreneurs throughout Northeast Illinois. The service, provided at no cost to participants, is a collaboration with IHCC and the SBA Community Navigator Pilot Program.

Small businesses empower communities by creating jobs for local residence, promoting economic self-sufficiency, and reducing poverty. 

Six credit unions collaborate to provide these services:

  • Metro Federal Credit Union
  • Northwest Community Credit Union
  • Partnership Financial Credit Union
  • NuMark Credit Union
  • Earthmover Credit Union
  • KCT Credit Union

When we listen, we grow...

Credit unions have great stories of how they are helping members everyday. Watch now:

 

 

 

 

 

 

What can you do?

Continue the work of serving the underserved, which began in the humble beginnings of our industry, consider the following ideas:

  • Develop products and services to meet the needs of the underserved (small dollar loans, micro business lending, ITIN lending, low fee checking accounts, pay to save saving programs, and credit counseling)

  • Explore alternative credit scoring and relaxed underwriting guidelines

  • Collaborate with other Low Income Designated, Minority Depository Institutions and Community Development Financial Institutions presently serving marginalized communities

  • Collaborate with other not-for-profit organizations working with the underserved

  • Expand your FOM to be more inclusive to communities in need

  • Make room on your board, advisory board and committees for others
Questions?

Email me today!

Robin Hollis