CDCUs featured in The New York Times
NEW YORK (11/14/06)--Whether strengthening a hurricane-ravaged area or supporting a small business, community development credit unions (CDCUs) provide a means for people to reinvest in their communities.
Sally Mendzela of Providence, R.I., put her money to work by opening a savings account and share certificate at Hope Community CU, a community development credit union in Jackson, Miss.
Mendzela learned about the credit union during her work as a Federal Emergency Management Agency worker after Hurricane Katrina hit the Gulf Coast last year.
Hope Community CU and Santa Cruz (Calif.) Community CU both were featured in the Nov. 13 The New York Times article.
In addition to her savings account at Hope Community CU, Mendzela has a share certificate through the Hurricane Relief CD program, which provides no-interest loans to hurricane survivors.
After fleeing to Jackson, Miss., after the hurricane, Sheila Randle took advantage of the loan program and the credit union's support to rebuild her credit, budget her Social Security check, get a part-time job, rent an apartment and replace some of her belongings.
Community development credit unions provide a pool of funds that can be loaned back into the community, said Cliff Rosenthal, executive director of the National Federation of Community Development Credit Unions.
Across the country, Santa Cruz (Calif.) Community CU helped Stacy Hart launch her small business.
The single mom opened an individual development account that started Hart Landscaping and grew her account balance to $15,000. The CDCU matched her small-business savings 2-to-1, and now Hart employs four people at a living wage.
Community, or socially responsible, investing means accepting a lower rate--doing a little less well to do a little more good, Rosenthal noted.
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