Durham has a new nonprofit-operated credit union that aims to provide affordable financial services to the city’s growing Latino population, Business Wire reports.
The Latino Community Credit Union is the first financial services institution in North Carolina aimed at Latinos, and only the second such credit union charted in the Southeast.
“Latinos are often locked out of the economic system because of language and cultural barriers,” Ivan Parra, executive director of El Centro Hispano, told Business Wire. El Centro Hispano, which provides support and education to Triangle-area Latinos, co-founded and will operate the credit union.
The new credit union will offer savings and checking accounts, worldwide ATM and money order services, wire transfers, and consumer loans to its members. Fees will be low, to help the low-income families the credit union hopes to attract.
The staff and all materials are bilingual, and membership is open to all people in the Triangle.
An array of foundations, banks, credit unions, community groups and churches has committed over $2.5 million in deposits to the credit union. In addition to getting deposits and in-kind support from over thirty organizations, El Centro Hispano received significant help in organizing the credit union from the NC Minority Support Center, NC State Employees’ Credit Union, and Self-Help Credit Union.
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