Last week we visited the Latino Community Credit Union (LCCU) in Carrboro Plaza to learn about their place in our community. They will have a table at our upcoming Co-op Fair where you can learn more about becoming a member.
Gabe Treves, Development and Community Affairs Senior Specialist, described LCCU’s vision (Economic Opportunity for All) and mission (Ethical Financial Products and Education to Empower Communities).
LCCU is a not-for-profit with more than 66,000 member-owners. Because LCCU exists to benefit its owners, it does not charge excessive fees or use predatory practices, and it pays above-market interest rates. It offers financial education workshops to help members manage their money; LCCU has achieved a loan repayment rate of 99%. LCCU also funds scholarships for higher education.
While we were at the credit union, we met Cecilia Polanco. A 2016 UNC graduate, Cecilia launched a social justice food truck and catering business, So Good Pupusas. Cecilia’s business funds college scholarships for undocumented students through its nonprofit partner, Pupusas for Education. “When I was establishing the nonprofit,” Cecilia told us, “it was very community based…. We want to benefit students from the local community, so it makes a lot of sense to bank locally, to keep reinvesting in the people we live with.” (Learn more.)
LCCU began in 2000 to help new immigrants navigate the financial landscape and have a safe, ethical, and accessible banking option. All of their staff are bilingual. Today, they are a credit union available to anyone looking for a financial institution that aligns with their values. Learn more at https://latinoccu.org/impact-investing/, and watch for a video from our visit, coming soon. Eat local, shop local, bank local!
