Model faith/community-based CU makes history in Boston
BOSTON (12/15/06)--Today a model faith- and community-based credit union--the first of its kind in Boston--will open its doors.
The community financial partnership is a joint effort of Tremont CU, Braintree, Mass., and the Boston Community Development Collaborative (BCDC).
The goal of the new credit union--located in the Nuestra Comunidad CDC's building on Warren Street--is to help develop economic self-sufficiency for adults, youths and families in low- to moderate-income families.
"What makes this project unique is that it's driven by community and faith-based organizations with a collaborative approach backed by the institutional strength of Tremont Credit Union," said BCDC President Darryl Elow.
BCDC's products and services complement the credit union's, he said, adding that it will provide financial education, credit counseling, coaching on home improvements, small business technical assistance and business education.
BCDC is made up of the Financial Investment Initiative Group (FIIG), Codman Square NDC, Dorchester Bay EDC, Mattapan CDC, Faith Partnership, Morning Star Baptist Church and the Jubilee Christian Church.
It has been working toward the goal of a community, faith-based credit union since 1995.
"The Community Financial Partnership is the culmination of 10 years of hard work. The leaders of the Boston Community Development Collaborative should be recognized for their commitment and dedication to the people of our community," said Len Broderick, president/CEO of the $165.6 million asset credit union.
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