The work we do with credit unions allows them to make real differences in the lives of their members and communities. This could be through CDFI certification or grant writing, strategic planning, product design, partnership creation or any of our other many services. And as part of this work, we get to hear the wonderful member impact stories that illustrate what credit unions are doing to unlock opportunities in the communities they serve. We will be highlighting some of these stories here.
This story is from Southern Security Federal Credit Union, which has branches in Tennessee and Mississippi.
A family made up of a single mother of three young children lost all their belongings when their rental house burned. They had no rental insurance, and the mother was desperate for assistance. She had no family or other support to help with housing, and they needed a place to stay immediately.
Southern Security was able to provide her with a bridge loan, personally delivering a check to her right at the hotel where the family was staying, to pay her hotel bill. Going even further, the credit union helped her find a new rental home. Within three days she was able to move her family into the new house--that was larger, closer to her job AND saved her on her rental costs.
Thanks to the stability that this provided at a critical time, the member has since paid off the bridge loan and has built up over three thousand dollars in her savings account.
CDFI-certified credit unions have countless stories like these to share, and we’re proud to highlight a few from our clients.